Australia has experienced a remarkable surge in Bitcoin automated teller machines (ATMs) over the past year, making it the fastest-growing market for these machines globally. In September 2022, there were just 73 Bitcoin ATMs in the country. As of the latest data from Coin ATM Radar, that number has skyrocketed to 1,162 installations.
This rapid growth places Australia third in the world for total Bitcoin ATM installations, trailing only behind the United States and Canada, which have 31,861 and 3,004 machines, respectively. While the U.S. market has seen stagnant growth since February 2022, and Canada has added roughly 780 new ATMs during the same period, Australia’s expansion has been extraordinary.
The surge in Bitcoin kiosks comes after a series of setbacks in Australia. In 2019, the country saw a crackdown on Bitcoin ATMs following a rise in crypto prices. Auscoin, a local crypto exchange, was among the first to attempt building a network of ATMs. However, its efforts were thwarted when AUSTRAC, the financial regulator, suspended its license due to alleged ties with organized crime.
In April 2022, AUSTRAC highlighted concerns about the potential for Bitcoin ATMs to be used in funding criminal activities in its report, Preventing the Criminal Abuse of Digital Currencies. Despite these concerns, Bitcoin ATMs remain legal in Australia as long as they are properly licensed.
The recent rapid expansion of Bitcoin ATMs in Australia is largely due to the entry of overseas companies filling the gap left by Auscoin’s failure. CoinFlip, now the leading provider in the region, has established a network of 700 kiosks across Australia and New Zealand. CoinFlip’s expansion into the Australian market was catalyzed by its acquisition of Layer 8 Networks in 2022, which coincided with the beginning of the national ATM network’s significant growth.
This surge highlights Australia’s growing embrace of cryptocurrency infrastructure, with the country now standing as a key player in the global Bitcoin ATM market.
