Australian Crypto ATM Numbers Soar by 16-Fold in Two Years: Bloomberg

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A recent Bloomberg report showed that Australia is witnessing a remarkable surge in the number of cryptocurrency automatic teller machines (ATMs), making it one of the fastest-growing markets for these kiosks worldwide.

In just two years, the number of crypto ATMs in the country has skyrocketed from a mere 73 to nearly 1,200. This growth has caused debate over the demand for such services and their potential risks.

Crypto ATMs allow users to deposit cash to receive digital assets in their wallets or withdraw physical currency from the sale of tokens.

While the United States remains the largest market with approximately 32,000 machines, and Canada follows with about 3,000, Australia has rapidly climbed to third place.

Operators claim that these ATMs offer greater financial inclusion by providing easy access to digital currencies, a view supported by rapid growth in the number of machines.

However, the expansion has been controversial. Critics argue that the proliferation of crypto ATMs increases the risk of money laundering and fraud.

Angela Ang, a senior policy adviser at blockchain intelligence firm TRM Labs, notes that Australian authorities have identified crypto ATMs as a money laundering vulnerability.

TRM Labs reports that the cash-to-crypto industry has processed at least $160 million in illicit transactions globally since 2019. Meanwhile, Chainalysis Inc. estimates that Australia alone saw around $223 million in illegal digital asset activity from 2022 to 2023.

According to a recent report, Scammers increasingly use crypto