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Australia becomes paradise for crypto ATMs
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Australia becomes paradise for crypto ATMs

Digitalization has reached Australia. The country is now flooded with Bitcoin ATMs.
According to Bloomberg, Australia currently leads the world in the number of crypto ATMs, and this number is surging. In fact, over the past two years, the number of crypto ATMs has increased by 16 times. However, Bloomberg points out that authorities in several countries are concerned about the growing use of these machines by fraudsters.
Users of these ATMs can deposit cash to receive cryptocurrency in their digital wallets. They can also withdraw fiat currency by selling their tokens. According to Coin ATM Radar, the lion’s share of this market is in the United States, which boasts around 32,000 crypto ATMs. Canada is in second place with 3,000, and Australia holds an honorable third place with 1,200 machines. This is quite the leap, considering that two years ago there were only 73 crypto ATMs in the country.
Brandon Mintz, CEO of Bitcoin Depot Inc., says his company currently has more than 200 machines in Australia that are waiting for the green light. These new crypto ATMs will be launched once they get regulatory approval.
However, experts warn that this trend comes with risks, including money laundering and fraud, which could lead to significant losses for users. Bitcoin ATMs are banned in countries like the United Kingdom and Singapore, while in Germany, this industry is tightly regulated.
Published 09 September 2024
© InstaFintech Group
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