Over the past two years, Australia has experienced an extraordinary increase in the number of cryptocurrency ATMs, with their count skyrocketing by 17 times from 67 in 2022 to 1,162 currently. This rapid growth has positioned Australia as one of the fastest-growing markets for these machines, reflecting a surge in interest and adoption of cryptocurrency among Australian consumers and businesses.
Australia’s crypto ATM market has become the third largest in the world, bolstered by the addition of 160 new machines since the end of April. This expansion follows a milestone achievement of over 1,000 active ATMs, signaling a strong and ongoing trend in the country’s embrace of cryptocurrency technology. This growth trend highlights Australia’s increasing role in the global cryptocurrency landscape.
Australia Sees 17-Fold Surge in Crypto ATMs Becoming Third Largest Market Globally
Despite this rapid development, Australia’s global market share for crypto ATMs remains relatively modest at just 3%. The United States, by contrast, dominates the market with over 82% of the global share, translating to 31,877 machines. Canada holds a more significant share of 7.8% with 3,004 machines, underscoring the disparity between Australia’s growing yet small presence and the larger markets of the U.S. and Canada.
The expansion of crypto ATMs in Australia has drawn the attention of law enforcement due to concerns about potential misuse of money laundering. The relative anonymity of cryptocurrency transactions raises the risk of these machines being exploited for illegal activities. In response to these concerns, the Australian Federal Police (AFP) established a multi-agency task force in March of the previous year to address and counteract these risks.
Globally, crypto ATMs have been involved in over $160 million worth of illicit transactions since 2019. This has led to increased regulatory actions, such as the recent seizure of 13 machines in Germany and the shutdown of 26 unlicensed ATMs by the UK’s Financial Conduct Authority. These measures reflect a growing global effort to curb the misuse of crypto ATMs and address financial crimes associated with them.
