New Zealand to Ban Bitcoin ATMs

New Zealand’s Deputy Minister of Justice, Nicole McKee, announced plans to completely ban cryptocurrency ATMs in the country as a measure against money laundering.

According to her, such ATMs are actively used by drug traffickers.

“We need a more sensible and flexible AML/FT system that will hinder criminals from laundering money. We will make it more difficult for them to convert cash into high-risk assets, including cryptocurrencies,” McKee stated.

According to Coin ATM Radar, there are currently 221 crypto ATMs operating in the country.

New Zealand will also impose a $5000 limit on international transfers to curb illegal funds being sent abroad.

Authorities are currently preparing a bill that will significantly enhance the powers of the police and regulatory bodies. Specifically, it will empower the Financial Intelligence Unit to collect crucial information to combat crime and establish a new oversight regime for financial sanctions to support AML/FT measures.

At the same time, there are plans to eliminate unnecessary regulatory requirements for low-risk clients and organizations.

“The government is serious about targeting criminals, not burdening legitimate businesses with unnecessary red tape,” McKee said.

Back in February 2024, the Governor of the Reserve Bank of New Zealand, Adrian Orr, expressed grave concerns about cryptocurrencies, calling them “speculative coins” that are “neither a means of exchange, nor a store of value, nor a unit of account.”