- Australia’s rapid rise in crypto ATMs reflects its growing embrace of digital currencies.
- Concerns over money laundering loom as Australia’s crypto ATM numbers surge 17x past 1,200.
- Crypto ATMs thrive in Australia amid regulatory scrutiny and growing digital asset demand.
Australia is rapidly becoming a global leader in cryptocurrency ATM installations, a trend that highlights the nation’s growing embrace of digital assets. Over the past two years, the number of crypto ATMs in Australia has soared 17 times from a modest 73 to nearly 1,200, according to Coin ATM Radar.
This explosive growth has positioned Australia as the fastest-growing market for these kiosks, outpacing even North America in recent expansion. The surge in crypto ATMs has sparked a range of reactions, from excitement over financial inclusion to concerns about potential risks, including money laundering and fraud.
The influx of crypto ATMs in Australia is not only a testament to the country’s increasing interest in digital currencies but also a reflection of a broader global trend. The United States still dominates the market, with around 32,000 machines, followed by Canada’s 3,000. However, Australia’s swift rise to the third spot is notable.
Operators of these ATMs argue that they enhance financial accessibility, allowing users to easily exchange cash for crypto or withdraw fiat currency from digital assets. Yet, critics point to the associated risks, including the potential for money laundering and scams. In fact, countries like Britain and Singapore have banned crypto ATMs due to these concerns, while Germany is actively cracking down on their use.
The growth of crypto ATMs in Australia has been driven, in part, by North American providers seeking new markets. These operators, including major players like Bitcoin Depot, are expanding their reach, with over 200 kiosks awaiting deployment in Australia.
While most of these operators have implemented compliance controls, Australian authorities have identified crypto ATMs as a significant money laundering vulnerability. The Australian police have highlighted the technique in which illicit cash is deposited into an ATM, converted into digital assets, and then laundered through multiple transactions, making it difficult to trace the funds’ origins.
Australia Bans Crypto and Credit Cards for Online GamblingBesides the regulatory concerns, Australia’s entrenched gambling culture also plays a role in the demand for crypto ATMs. The country’s high per capita losses on legal gambling indicate a population willing to take financial risks, a mentality that extends to crypto investments.
Additionally, local banks have imposed restrictions on transactions with digital-asset exchanges due to concerns over scams, pushing crypto users to seek alternative platforms, including overseas services. This shift has contributed to the rising popularity of crypto ATMs as a convenient method to access digital assets.
