Bitcoin ATM Installations Skyrocket in Australia, Surpassing Previous Records
Bitcoin ATMs Boom in Australia – Australia has seen a remarkable surge in Bitcoin automated teller machines (ATMs) in recent years, establishing itself as the fastest-growing market globally. From just 73 Bitcoin ATMs in September 2022, the number has skyrocketed to 1,162 installations as of the latest data from Coin ATM Radar. This rapid expansion places Australia third in the world for total Bitcoin ATM installations, following the United States and Canada, which have 31,861 and 3,004 machines, respectively.
U.S. and Canada’s ATM Landscape
The U.S. has maintained a stable number of Bitcoin ATMs since February 2022, with minimal growth observed. In contrast, Canada has seen an increase of approximately 780 new ATMs over the same period. Despite these figures, Australia’s recent growth is noteworthy, driven by both local and international factors.
A False Start and Regulatory Challenges
Australia’s Bitcoin ATM market faced a setback in 2019 when the country imposed restrictions on these machines amid rising cryptocurrency prices. Auscoin, a local crypto exchange, was the first to introduce Bitcoin ATMs but struggled to expand due to regulatory challenges. AUSTRAC, Australia’s financial regulator, suspended Auscoin’s license due to concerns over alleged connections with organized crime.
In April 2022, AUSTRAC highlighted Bitcoin ATMs as a potential risk for criminal activities in its report on preventing the criminal abuse of digital currencies. While Bitcoin ATMs are legal in Australia, they must be licensed. The current surge in installations since 2022 is largely due to international companies stepping in to address the gap left by Auscoin’s collapse.
CoinFlip’s Dominance and Market Entry
CoinFlip has emerged as the leader in Australia’s Bitcoin ATM market, operating 700 kiosks across Australia and New Zealand, according to Coin ATM Radar. CoinFlip’s entry into the Australian market occurred in 2022 with the acquisition of Layer 8 Networks, a local player. This acquisition coincided with the beginning of significant growth in the national Bitcoin ATM network.
FAQ: Bitcoin ATMs in Australia
What recent change has occurred with Bitcoin ATMs in Australia?
Bitcoin ATMs in Australia have surged dramatically, increasing from 73 installations in September 2022 to 1,162 as of the latest data. This growth has positioned Australia as the third-largest market globally for Bitcoin ATMs.
How does Australia’s Bitcoin ATM count compare to other countries?
Australia ranks third in total Bitcoin ATM installations, behind the United States with 31,861 and Canada with 3,004 machines. Despite the significant growth, Australia’s numbers are still smaller compared to these leading countries.
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