Australia experienced steady growth in Bitcoin automated teller machines (ATMs) for over two years, bringing the total number of machines in the country closer to Europe’s figures.
According to data from Coin ATM Radar, Australia now boasts 1,359 Bitcoin ATMs, accounting for 3.5% of the global total. While this percentage may seem modest, Australia ranks third globally for Bitcoin ATM installations.
Europe currently has 1,660 Bitcoin ATMs, but with Australia’s rapid pace of monthly additions, the country could soon surpass Europe to claim the third-largest Bitcoin ATM network worldwide, trailing only the United States and Canada.
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US Remains Dominant Player In Bitcoin ATM Market
Despite its challenging regulatory environment for cryptocurrencies in recent years, the United States remains the dominant player in the Bitcoin ATM market. As of 29 December 2024, the US leads with 31,516 Bitcoin ATMs, comprising a staggering 81.3% of the global market.
Canada follows with 3,027 ATMs, or 7.8% of the global total. Together, the North American region houses over 90% of the world’s Bitcoin ATMs, while Europe and Oceania each account for approximately 4%. Asia lags behind with just 0.9% of the global market.
NEW:
Australia's Bitcoin ATM network has grown to 1,359 machines over the past 29 months, now representing 3.5% of global Bitcoin ATMs and placing Australia third globally behind
Europe (1,660 machines). pic.twitter.com/bcqBfOoTGX
— Bitcoin News (@BitcoinNewsCom) December 30, 2024
Globally, there are 38,753 Bitcoin ATMs, reflecting the growing adoption of crypto infrastructure. However, the rise in Bitcoin ATMs has also been accompanied by an increase in scams.
The US Federal Trade Commission (FTC) reported in August 2023 that fraudsters have increasingly exploited Bitcoin ATMs for scams, capitalizing on the anonymity and speed of transactions. Losses from such scams surpassed $110 million in 2023.
In response, U.S. lawmakers have called on major Bitcoin ATM operators to address fraud, particularly scams targeting vulnerable populations like the elderly.
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Australia’s New Task Force Targets Crypto ATMs
Earlier this month, Australia’s key financial intelligence unit, the Australian Transaction Reports and Analysis Centre (AUSTRAC), unveiled plans for a new task force aimed at cracking down on cryptocurrency ATM providers that may be violating anti-money laundering (AML) regulations.
At the time, Brendan Thomas, CEO of AUSTRAC, said the accessibility and rapid transaction capabilities of cryptocurrency and crypto ATMs present attractive opportunities for criminal elements seeking to launder money.
The newly formed task force will primarily ensure that operators of crypto ATMs adhere to stringent standards that mitigate the risk of illicit funds circulating through these machines.
Crypto ATM operators are mandated to register with AUSTRAC and comply with several regulatory requirements, such as transaction monitoring and conducting Know Your Customer (KYC) checks.
They must also report any suspicious activities and log cash transactions exceeding $6,500 AUD (approximately 10,000 Australian dollars).
Recently, Australia’s Securities and Investment Commission (ASIC) unveiled a proposal to impose stringent licensing requirements on crypto firms.
Under current Australian laws, businesses offering financial services or dealing in financial products must secure an Australian Financial Services License (AFSL). Additionally, platforms facilitating the trading of these products may require an Australian Market License.
The new rules would extend these requirements to crypto exchanges and many other digital asset firms.
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The post Australia’s Bitcoin ATMs Grow Rapidly, Catching Up To Europe appeared first on 99Bitcoins.
