Australia has seen a huge increase in crypto ATMs over the past two years, from just 67 two years ago to almost 1,200 today. The increase puts Australia third in the world behind the US and Canada.
Numbers Tell It All
In August 2022, there were only 67 crypto ATMs in Australia. This year, the number of ATMs in the country has increased by 1,641 percent to 1,168. These machines Melbourneis located in major cities such as Sydney, Perth and Brisbane, with hundreds of ATMs in busy centres. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
One of the key factors behind the explosion in crypto ATMs is the increasing popularity of cryptocurrencies. According to recent surveys, Australians are among the top ten countries in the world for owning cryptocurrencies. Access to more crypto ATMs makes it easier for users to buy and sell their cryptocurrencies, further increasing their popularity.
North American companies play a major role in growth. Based in the USA Bitcoin Depot is planning to install 200 more crypto ATMs in Australia after receiving approval from local authorities, clearly showing how attractive the Australian market has become for crypto companies.
Concerns on the Horizon
But not everything is rosy. Crypto ATMThe rapid growth in cryptocurrencies is also causing some concerns. Authorities are concerned that these machines could be used for money laundering and fraud. Since 2019, the cash-to-crypto industry has managed at least $160 million worth of illicit transactions globally. In Australia alone, an estimated $223 million worth of illicit crypto activity was reported between 2022 and 2023.
Crypto ATMs can be a problem for regulators because they make it easy to convert cash into cryptocurrencies. Scammers are exploiting this to trick people into using the machines and funnel money into untraceable cryptocurrencies.
Despite these concerns, the future of crypto ATMs in Australia looks bright. The country’s interest in gambling and speculative investments is also reflected in the crypto world. As the number of ATMs increases and regulations improve, Australia is poised to become a bigger player in the global crypto scene.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
