New Zealand Bans Crypto ATMs, Caps Cash Transfers at $5,000
The Spin
Pro-government narrative
These crypto ATMs have become money-laundering highways for criminals who exploit their anonymity to convert dirty cash into untraceable digital assets quickly. The $5.6 billion in fraud losses linked to these machines in the U.S. in 2024 alone proves they're more trouble than they're worth. Smart regulation means shutting down these criminal pipelines while allowing legitimate businesses to continue operating.
Government-critical narrative
Banning crypto ATMs entirely throws the baby out with the bathwater, punishing legitimate users for the actions of bad actors. These machines serve underbanked communities, providing financial access where traditional banking falls short. Heavy-handed government overreach stifles innovation and pushes crypto activity underground rather than creating proper oversight frameworks.