Australia’s crypto ATM market has surged, with the number of machines increasing 17 times in just two years, according to Coin ATM Radar. From only 67 machines in August 2022, the country now boasts 1,162, making it the third-largest market globally, after the United States and Canada.
This growth has added 160 new ATMs since April 2024 alone, highlighting Australia’s rapid adoption of crypto technology. Blockchain intelligence firm TRM Labs called this expansion “the most significant in the cash-to-crypto industry over the last few years.”
Despite this growth, Australia’s share of the global market remains small at just 3%, far behind the U.S., which dominates with over 82% of the world’s 31,877 crypto ATMs.
However, this boom has caught the attention of law enforcement. TRM Labs noted that Australian authorities are increasingly concerned about the potential for these kiosks to be used in money laundering schemes.
The Australian Federal Police even launched a multi-agency task force in March last year to tackle money laundering, acknowledging the risks posed by crypto ATMs.
Since 2019, crypto ATMs have processed at least $160 million in illicit transactions, with scams and fraud being major contributors. In 2023, over $30 million was funneled to scam-linked wallets through these machines, doubling the illicit activity seen in the broader crypto sector.
Some countries have started cracking down on these machines. Germany recently seized 13 unlicensed crypto ATMs, while the UK’s Financial Conduct Authority pulled 26 machines last year, reducing the number of active kiosks by 90%.
Australia’s rapid growth in crypto ATMs is impressive, but it comes with significant risks that authorities are increasingly eager to address.
Also Read: Australia Surpasses Asia’s Crypto ATM Installation Numbers
