The number of crypto ATMs in Australia has increased 16-fold in two years to 1,200, placing the country third in the world in this market, the International Business Times reported on August 30.
First and second place are occupied by the United States and Canada, respectively. Australian cryptocurrency ATMs allow users to exchange digital currencies, starting with Bitcoin, for cash.
However, the unprecedented rise in their number has sparked heated public debate. Proponents of crypto ATMs see them as a means of expanding access to financial services, while critics see them as risks of money laundering and fraud.
According to Angela Eng of TRM Labs, Australian authorities have identified crypto ATMs as a money laundering risk. According to Chainalysis Inc, the global cash-to-crypto industry has seen at least $160 million in illicit transactions since 2019, while in Australia there were around $223 million illegal transactions involving digital assets between 2022 and 2023.
Australia’s four largest banks have implemented safeguards to limit the amount of cryptocurrencies that can be traded. In particular, the Commonwealth Bank announced in June 2023 that interest in cryptocurrencies was growing and a corresponding increase in the number of customers losing funds due to cryptocurrency fraud.
Source: Rossa Primavera
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