Australia’s cryptocurrency ATM network has experienced an extraordinary expansion, with the number of machines increasing 17-fold over the past two years, as reported by Coin ATM Radar. The country has seen its count rise from a modest 67 in August 2022 to a substantial 1,162, positioning itself as the third-largest market globally, trailing only behind the United States and Canada.
This remarkable growth includes the addition of 160 new ATMs since April 2024, underscoring Australia’s swift embrace of cryptocurrency technology. Blockchain analytics firm TRM Labs described this surge as “the most significant in the cash-to-crypto industry in recent years.”
Despite the impressive growth, Australia’s global market share remains relatively modest at just 3%. This contrasts sharply with the United States, which dominates the market with over 82% of the world’s total of 31,877 crypto ATMs.
The rapid proliferation of crypto ATMs has also drawn scrutiny from law enforcement agencies. TRM Labs has highlighted concerns about the potential misuse of these machines for money laundering activities. In response, the Australian Federal Police established a multi-agency task force in March of the previous year to address the risks associated with crypto ATMs.
Since 2019, crypto ATMs have been implicated in processing at least $160 million in illicit transactions, with scams and fraud being prominent issues. In 2023 alone, over $30 million was channeled to scam-related wallets through these machines, representing a significant increase compared to the broader cryptocurrency sector.
Other countries have begun to take action against crypto ATMs. Germany recently confiscated 13 unlicensed machines, while the UK’s Financial Conduct Authority removed 26 machines last year, resulting in a 90% reduction in active kiosks.
While Australia’s rapid expansion of crypto ATMs is notable, it presents considerable risks that authorities are actively working to mitigate.
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