Australia has seen steady growth in Bitcoin automated teller machines (ATMs) for over two years, bringing the total number of ATMs in the country closer to European figures.
Second data from Coin ATM RadarAustralia 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 and claim the third-largest Bitcoin ATM network in the world, behind only the United States and Canada.
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Remains of the United States Dominant Player inside Bitcoin ATM market
Despite the challenging regulatory environment for cryptocurrencies in recent years, the United States remains the dominant player in the Bitcoin ATM market. As of December 29, 2024, the United States led with 31,516 Bitcoin ATMs, representing a staggering 81.3% of the global market.
Canada follows with 3,027 ATMs, equal to 7.8% of the global total. Together, the North America region hosts over 90% of the world’s Bitcoin ATMs, while Europe and Oceania each account for around 4%. Asia is lagging behind behind with only 0.9% of the global market.
NEW:
Australia’s Bitcoin ATM network has grown to 1,359 branches over the past 29 months, now representing 3.5% of global Bitcoin ATMs and placing Australia third globally.
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 of Bitcoin ATMs has also been accompanied by an increase in scams.
The US Federal Trade Commission (FTC) reported in August 2023 that scammers have increasingly exploited Bitcoin ATMs for scams, taking advantage of the anonymity and speed of transactions. Losses from such scams exceeded $110 million in 2023.
In response, US lawmakers have called on major Bitcoin ATM operators to address fraud, particularly scams targeting vulnerable populations such as the elderly.
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New Australian task force targets crypto ATMs
Earlier this month, Australia’s main financial intelligence unit, the Australian Transaction Reports and Analysis Center (AUSTRAC), unveiled plans for a new task force aimed at cracking down on cryptocurrency ATM providers who may be violating anti-money laundering (AML) regulations.
At the time, Brendan Thomas, CEO of AUSTRAC, stated that the accessibility and rapid transaction capabilities of cryptocurrencies and crypto-ATMs present attractive opportunities for criminal elements seeking to launder money.
The newly formed task force will primarily ensure that crypto ATM operators adhere to rigorous standards that mitigate the risk of illicit funds circulating through these machines.
Cryptographic ATM operators they have the task of register with AUSTRAC and comply with various regulatory requirements, such as monitoring transactions and carrying out Know Your Customer (KYC) checks.
They must also report any suspicious activity and record excess cash transactions $6,500 Australian (approximately 10,000 Australian dollars).
Recently, the Securities and Investment Commission (ASIC) of Australia presented a proposal to impose strict licensing requirements for crypto companies.
Under current Australian laws, businesses offering financial services or trading in financial products must obtain an Australian Financial Services License (AFSL). Additionally, platforms that facilitate trading in these products may require an Australian Market License.
The new rules would extend these requirements to cryptocurrency exchanges and many other digital asset companies.
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The post Australian Bitcoin ATMs Grow Rapidly, Reaching Europe appeared first on 99Bitcoins.