ChainCatcher reported that according to Bloomberg, Bitcoin ATMs are pouring into Australia, making the country the fastest growing market for these machines and raising questions about the source of demand for this controversial service. According to Coin ATM Radar data, the United States accounts for the vast majority of the market, with about 32,000 cryptocurrency ATMs, followed by Canada with about 3,000. Australia ranks third with nearly 1,200 cryptocurrency ATMs, compared to just 73 two years ago, and more ATMs are under construction.
In an August call with analysts, Bitcoin Depot Inc. CEO Brandon Mintz said the company has more than 200 cryptocurrency ATMs in Australia awaiting regulatory approval. Australia has led the world in recent growth, according to Coin ATM Radar. Operators argue that the machines promote financial inclusion by providing easy access to cryptocurrencies. But critics point to money laundering risks and losses to defrauded users. Countries such as the U.K. and Singapore have banned the machines, while Germany is launching a crackdown.
