Australia Experiences Surge in Bitcoin ATM Growth After Previous Setbacks
Australia has seen a significant increase in Bitcoin automated teller machines (ATMs) in recent years, making it the fastest-growing market globally. From just 73 Bitcoin ATMs in September 2022, the country now boasts 1,162 installations, as reported by Coin ATM Radar.
This surge places Australia as the third-largest market for Bitcoin ATMs, behind the United States and Canada, with 31,861 and 3,004 installations, respectively. The U.S. has maintained a stable number of machines since February 2022, while Canada added around 780 new ATMs during the same period.
The rise in Bitcoin kiosks in Australia comes after initial setbacks when the country cracked down on the machines due to a surge in crypto prices in 2019. Local crypto exchange Auscoin faced challenges as its efforts to establish a network of ATMs were hindered by regulatory issues, leading to the suspension of its license by AUSTRAC over alleged organized crime links.
In April 2022, AUSTRAC highlighted crypto ATMs as a potential avenue for funding criminal activities in its “Preventing The Criminal Abuse Of Digital Currencies” report. However, Bitcoin ATMs remain legal in Australia as long as they are licensed.
The recent growth in Bitcoin ATMs in Australia is attributed to international companies stepping in to fill the void left by Auscoin’s struggles. CoinFlip currently leads the market with 700 ATMs across Australia and New Zealand, following its acquisition of local player Layer 8 Networks in 2022, coinciding with the national surge in ATM network expansion.
The landscape of Bitcoin ATMs in Australia has evolved significantly, showcasing the increasing adoption and acceptance of cryptocurrencies in the country.
