PANews reported on August 30 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, 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, up from just 73 two years ago, and more are under construction. In an August call with analysts, Brandon Mintz, CEO of U.S.-based Bitcoin Depot Inc., said the company has more than 200 cryptocurrency ATMs in Australia awaiting regulatory approval.
Data from Coin ATM Radar shows that Australia has led the world in recent growth. Operators argue that these machines promote financial inclusion by providing easy access to cryptocurrencies. But critics point to the risks of money laundering and losses to users through fraud. Countries such as the UK and Singapore have banned these machines, while Germany is launching a crackdown.
