Australia has seen steady growth in Bitcoin automated teller machines (ATMs) for more than two years, bringing the country’s total number of machines closer to Europe’s numbers.
According to ATM Coin radar dataAustralia now has 1,359 Bitcoin ATMs, representing 3.5% of the global total. While this percentage may seem small, Australia ranks third in the world for Bitcoin ATM installations.
Europe currently has 1,660 Bitcoin ATMs, but with Australia’s rapid pace of monthly additions, the country could soon overtake Europe to claim the third-largest Bitcoin ATM network in the world, behind the United States. United and Canada.
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The United States remains Dominant Incoming player Bitcoin ATM Market
Despite its 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, or 81.3% of the global market.
Canada follows with 3,027 ATMs, or 7.8% of the global total. Together, the North American region is home to 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 expanded to 1,359 machines over the past 29 months, now accounting for 3.5% of the world’s Bitcoin ATMs and placing Australia third behind it globally.
– Bitcoin News (@BitcoinNewsCom) December 30, 2024
Australia’s Bitcoin ATM network has expanded to 1,359 machines over the past 29 months, now accounting for 3.5% of the world’s Bitcoin ATMs and placing Australia third behind it globally. 
Europe (1,660 machines). Worldwide, there are 38,753 Bitcoin ATMs, reflecting the growing adoption of crypto infrastructure. However, the increase in the number of Bitcoin ATMs has also been accompanied by an increase in scams.
The United States Federal Trade Commission (FTC) reported in August 2023 that fraudsters are increasingly exploiting Bitcoin ATMs for scams, capitalizing on the anonymity and speed of transactions. Losses from these scams exceeded $110 million in 2023.
In response, US lawmakers have called on major Bitcoin ATM operators to combat fraud, particularly scams targeting vulnerable populations like 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), revealed 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, AUSTRAC CEO Brendan Thomas said the accessibility and rapid transaction capabilities of cryptocurrencies and crypto ATMs presented attractive opportunities for criminal elements looking to launder money.
The newly formed task force will primarily ensure that crypto ATM operators adhere to strict standards that mitigate the risk of illicit funds flowing through these machines.
Crypto ATM Operators are mandated to register with AUSTRAC and comply with several regulatory requirements, such as monitoring transactions and completing Know Your Customer (KYC) checks.
They must also report any suspicious activity and record cash transactions exceeding $6,500 AUD (around 10,000 Australian dollars).
Recently, the Australian Securities and Investments Commission (ASIC) unveiled a proposal to impose strict licensing requirements placed on crypto businesses.
Under current Australian laws, businesses offering financial services or dealing in financial products must obtain an Australian Financial Services License (AFSL). Additionally, platforms facilitating the trading of these products may require an Australian market license.
The new rules would extend these requirements to crypto exchanges and many other digital asset companies.
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The article Bitcoin ATMs in Australia are growing rapidly and catching up with Europe appeared first on 99Bitcoins.
