Bitcoin ATMs Surge in Australia, Country Now Fastest-Growing Market

Australia’s Bitcoin ATM Boom

Bitcoin automated teller machines in Australia have experienced a significant surge in recent years, with the country now boasting the fastest-growing market in the world.

Australian Bitcoin ATM Growth

According to data from Coin ATM Radar, there were just 73 Bitcoin ATMs in Australia in September 2022. However, this number has since surged to 1,162 installations, making Australia the third-largest market in terms of total installs, behind only the U.S. and Canada.

Global Comparison

The U.S. has had around the same number of machines since February 2022, with a decline in growth, while Canada has added roughly 780 new ATMs over the same period.

Australian Crypto Exchange Auscoin’s Failure

The surge in Bitcoin kiosks follows a false start in Australia after the country cracked down on the machines amid a rise in crypto prices in 2019. Local crypto exchange Auscoin was first to market several years ago, but its efforts to build a network of ATMs floundered when the financial regulator, AUSTRAC, suspended its license due to alleged links with organized crime.

Regulatory Concerns

In April 2022, the regulator cited crypto ATMs as a concern for funding criminal activity in its report, “Preventing The Criminal Abuse Of Digital Currencies”. Bitcoin ATMs are not illegal in Australia, provided they are licensed.

Rapid Growth Since 2022

The rapid growth since 2022 stems from overseas companies moving in to fill the void left by Auscoin’s failure. The current leader is CoinFlip’s network of ATMs, which maintains 700 kiosks across Australia and New Zealand, per Coin ATM Radar.

CoinFlip’s Entry into the Australian Market

CoinFlip’s entry to Australia’s market came when it acquired a local player, Layer 8 Networks, in 2022—right around the time that the national ATM network growth began.

Conclusion

The surge in Bitcoin ATMs in Australia is a testament to the country’s growing interest in cryptocurrency and the efforts of overseas companies to capitalize on this trend. As the market continues to grow, it will be interesting to see how the regulatory environment evolves to address concerns around criminal activity.

FAQs

Q: How many Bitcoin ATMs are there in Australia?

A: As of September 2022, there were 73 Bitcoin ATMs in Australia, but this number has since surged to 1,162 installations.

Q: What is the current leader in the Australian Bitcoin ATM market?

A: CoinFlip’s network of ATMs is the current leader, with 700 kiosks across Australia and New Zealand.

Q: Why did Auscoin’s efforts to build a network of ATMs fail?

A: Auscoin’s efforts to build a network of ATMs failed due to the financial regulator, AUSTRAC, suspending its license due to alleged links with organized crime.

Q: Are Bitcoin ATMs illegal in Australia?

A: No, Bitcoin ATMs are not illegal in Australia, provided they are licensed.

Q: What is the regulatory environment like for Bitcoin ATMs in Australia?

A: The regulatory environment for Bitcoin ATMs in Australia is complex, with concerns around criminal activity and the need for licensing.