Australia has experienced a significant increase in crypto ATMs over the past two years. Two years ago, there were only 67 crypto ATMs, but today that number has reached nearly 1200. This increase places Australia third in the world rankings, behind the US and Canada.
Numbers Tell the Story
In August 2022, there were only 67 crypto ATMs in Australia. This year, with a 1,641% increase, the number of ATMs in the country has reached 1,168. These machines are located in major cities like Melbourne, Sydney, Perth, and Brisbane, with hundreds of ATMs in busy centers.
One of the key factors behind the explosion in crypto ATMs is the increasing popularity of cryptocurrencies. According to recent surveys, Australians rank among the top ten countries globally in terms of cryptocurrency ownership. Greater access to crypto ATMs makes it easier for users to buy and sell cryptocurrencies, further boosting their popularity.
North American companies play a significant role in this growth. US-based Bitcoin Depot plans to install 200 more crypto ATMs in Australia after receiving approval from local authorities. This clearly shows how attractive the Australian market has become for crypto companies.
Concerns on the Horizon
However, not everything is rosy. The rapid increase in crypto ATMs also brings some concerns. Authorities worry that these machines could be used for money laundering and fraud. Since 2019, the cash-to-crypto conversion industry has managed at least $160 million worth of illegal transactions worldwide. In Australia alone, approximately $223 million worth of illegal crypto activities were reported between 2022 and 2023.
Because crypto ATMs make it easy to convert cash into cryptocurrencies, they can pose a problem for regulators. Scammers exploit this situation by tricking people into using these machines, directing the money into untraceable cryptocurrencies.
Despite these concerns, the future of crypto ATMs in Australia looks bright. The country’s interest in games of chance and speculative investments is reflected in the crypto world. As the number of ATMs increases and regulations develop, Australia is poised to become a bigger player on the global crypto stage.
