Australia is experiencing a rapid increase in the number of cryptocurrency ATMs, making it the fastest-growing market globally. According to Coin ATM Radar, the country has seen a surge from 73 to nearly 1,200 crypto ATMs in just two years, with over 200 more awaiting regulatory approval.
These machines allow users to exchange cash for cryptocurrency or vice versa. While the US and Canada lead the market with 32,000 and 3,000 ATMs respectively, Australia’s recent growth is unprecedented. US-based Bitcoin Depot Inc. has over 200 kiosks ready for deployment in Australia once regulatory approval is granted.
Proponents argue that crypto ATMs increase financial inclusion by providing easy access to cryptocurrencies. However, critics highlight risks like money laundering and scams. Some countries, including the UK and Singapore, have banned these machines altogether, while Germany is cracking down on their use.
The growth in Australia is attributed to North American providers seeking expansion, according to Angela Ang, a senior policy adviser at TRM Labs. She notes that while most Australian operators have compliance controls in place, authorities have identified crypto ATMs as a potential money laundering vulnerability.
The laundering technique involves exchanging illicit cash for digital assets at an ATM, then obscuring the origins of the funds through multiple transactions. Crypto kiosks have processed at least $160 million in illicit volumes globally since 2019, according to TRM. Australia alone saw about $223 million of illegal digital-asset activity from 2022 to 2023.
Despite the concerns, crypto ATMs remain a small part of the global crypto market, valued at over $2 trillion.
