Australia leads world in crypto ATM growth growth as kiosks as kiosks spread

Bitcoin automated teller machines (ATMs) are streaming into Australia, making the country the fastest-growing market for the kiosks and stirring questions about the source of demand for the contentious service.

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Users of such ATMs can feed in cash to receive crypto in digital wallets or obtain physical notes from token sales. The United States accounts for the vast bulk of the market with about 32,000 machines, followed by the roughly 3,000 in Canada, according to data collated by Coin ATM Radar.

Australia is in third spot with nearly 1,200, up from just 73 two years ago, and more are on the way. In an August call with analysts, US-based Bitcoin Depot's chief executive Brandon Mintz said the company has over 200 kiosks in Australia waiting to be deployed pending a regulatory green light.

Coin ATM Radar's data indicates the recent growth in Australia leads the world. Operators argue the kiosks boost financial inclusion by offering easy access to crypto. Critics flag risks such as money laundering, as well as scams that dupe users into losses. The ATMs are banned in the likes of Britain and Singapore, while Germany is in the midst of a crackdown.