Australia’s Bitcoin ATM landscape has experienced a remarkable surge, making it one of the fastest-growing markets in the world. According to Coin ATM Radar, the number of Bitcoin automated teller machines in the country has skyrocketed from just 73 in September 2022 to 1,162 by mid-2024, marking an exponential rise in installations.
This growth positions Australia as the third-largest market globally for Bitcoin ATMs, behind only the United States and Canada. While Australia’s numbers are greatly lower than the U.S. (31,861 machines) and Canada (3,004 machines), the rapid expansion of its ATM network stands in stark contrast to the stagnation in the U.S., where installations have plateaued since February 2022. Canada, on the other hand, has added approximately 780 new ATMs over the same period.
Australia’s increasing adoption of Bitcoin ATMs follows a turbulent history. In 2019, the country faced regulatory crackdowns, especially after local crypto exchange Auscoin was linked to organized crime. The country’s financial regulator, AUSTRAC, suspended Auscoin’s license, stalling the growth of crypto ATMs. Concerns about the machines being used for illegal activity persisted, with AUSTRAC’s 2022 report, Preventing The Criminal Abuse Of Digital Currencies, identifying Bitcoin ATMs as a potential risk. However, while these kiosks are closely monitored, they remain legal in Australia as long as operators are properly licensed.
CoinFlip, a prominent global player, has been instrumental in Australia’s ATM expansion. The company, which operates 700 kiosks across Australia and New Zealand, entered the market in 2022 through the acquisition of Layer 8 Networks, a local ATM provider. This move coincided with the rapid growth of the Bitcoin ATM network across the country.
Meanwhile, regulatory concerns about crypto ATMs continue to surface elsewhere. In the United Kingdom, despite the Financial Conduct Authority (FCA) banning crypto ATMs in 2022, the first individual was recently charged for operating an illegal ATM. In March 2022, the UK had 81 working crypto ATMs, ranking among the top ten worldwide before the ban led to enforcement actions and police crackdowns.
Australia’s embrace of Bitcoin ATMs signals a growing trend in cryptocurrency adoption, with the country now seen as a significant player in the global crypto infrastructure, while maintaining a careful eye on regulation to prevent criminal exploitation.
Main Image: LinkedIn
