Crypto ATMs surge 17X in Australia amid concerns over use by bad actors
The country is now the world’s third-largest market for crypto ATMs with 1,162 machines — up from just 67 in August 2022, data from Coin ATM Radar shows
Australia has seen the number of new crypto ATMs swell by 17 times in the past two years, making it one of the world’s fastest-growing markets for the kiosks, despite rising concerns over their use by malicious actors.
The country is now the world’s third-largest market for crypto ATMs with 1,162 machines — up from just 67 in August 2022, data from Coin ATM Radar shows.
This means that 160 ATMs have been added since the end of April, when Australia just crossed the milestone of having over 1,000 active machines in operation.
Blockchain intelligence firm TRM Labs said in an Aug. 28 post that the ATM boom down under was “the most significant expansion of the cash-to-crypto industry over the last few years.”
Still, Australia has just a 3% share of the global market — far short of the United States dominating share of over 82% with its 31,877 ATMs, followed by Canada’s 3,004 machines and 7.8% share.
However, the boom is unlikely to have gone unnoticed by law enforcement.
TRM Labs’ added that Australia’s authorities have marked the crypto kiosks “as a money laundering vulnerability.”
In March last year, the Australian Federal Police launched a multi-agency money laundering task force, noting that some criminals used crypto ATMs to wash their ill-gotten gains.
