The government’s decision affects 220 machines and introduces a $5,000 cap on international cash transfers.
New Zealand has officially banned all Bitcoin ATMs operating within the country. The move was led by Nicole McKee, Associate Minister of Justice, who stated:
“We will make it more difficult for criminals to convert cash into high-risk assets such as cryptocurrencies by banning crypto ATMs. This Government is serious about targeting criminals, not tying up legitimate businesses in unnecessary red tape.”
The fight against money laundering and terrorism financing is the primary motivation behind the Bitcoin ATM ban. New Zealand authorities have identified these machines as potential tools for facilitating illicit financial operations, given their ability to process cash transactions without what are considered sufficiently strict identity checks.
Alongside the ATM shutdown, the government has introduced a maximum limit of $5,000 for international cash transfers. According to the New Zealand government, this restriction aims to better control cross-border money flows and prevent the use of alternative channels to circumvent the ATM ban.
