Australia Installs 1,359 Bitcoin ATMs, Closing the Gap with Europe
Australia is emerging as a global leader in cryptocurrency adoption, thanks to its growing network of Bitcoin ATMs.
With 1,359 machines already in place, the country is quickly catching up to Europe’s total of 1,660. This steady growth, now going strong for 29 months in a row, shows Australia’s focus on making financial services more accessible and embracing the shift toward digital currencies.
By August 2024, Coin ATM Radar reported that Australia had the fastest-growing crypto ATM network in the world. These machines make it easier for people to access and use digital currencies, acting as a simple bridge to the world of crypto.
AUSTRALIA’S BITCOIN ATM BOOM CONTINUES, 29 MONTHS STRONG!
Australia’s been stacking Bitcoin ATMs, with 1,359 machines now, almost catching up to Europe’s 1,660 (but who’s counting?).
They’ve been on a non-stop streak for 29 months, which is wild.
The US is still dominating,… pic.twitter.com/9iJEZ41HVz
— Mario Nawfal’s Roundtable (@RoundtableSpace) December 29, 2024
AUSTRAC’s Strategy to Tackle Bitcoin ATM Risks
The rapid growth of Bitcoin ATMs comes with its own set of challenges. On December 6, 2024, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced plans to intensify its focus on the cryptocurrency sector in 2025.
A key goal is to prevent Bitcoin ATMs from being used for illegal activities, such as money laundering. AUSTRAC plans to establish a dedicated task force to monitor operators and ensure compliance with Anti-Money Laundering (AML) regulations.
Globally, over 600 Bitcoin ATMs were shut down in the first two months of Q3 2024, with the United States leading the charge. Authorities cited rising criminal activities like money laundering and fraud as major reasons for the closures.
This crackdown follows alarming figures from 2023, when Bitcoin ATM-related scams caused losses exceeding $110 million—more than ten times the amount reported just three years earlier. The trend continued into 2024, with losses surpassing $65 million in the first half of the year alone. Scammers often target older individuals, exploiting the anonymity of crypto transactions to take advantage of their vulnerability.
https://coincap7.com/how-does-bitcoin-work-and-what-are-the-use-cases/
Disclaimer: The content provided here is for educational purposes only and is intended to raise awareness about cryptocurrency and blockchain technology. It should not be considered as financial or investment advice. Before investing in any cryptocurrency or token, we strongly encourage you to conduct thorough research, understand the associated risks, and make informed decisions (DYOR – Do Your Own Research). For detailed guidance, consult a qualified financial advisor.
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