Bloomberg: Australia leads the world in cryptocurrency ATM growth

On August 30th, according to Bloomberg, bitcoin ATMs are flooding into Australia, making the country the fastest growing market for these machines and also raising questions about the source of demand for the controversial service. According to CoinATMRadar, the United States accounts for the vast majority of the market, with about 32,000 cryptocurrency ATMs, followed by Canada with about 3,000. Australia is in third place, with nearly 1,200 cryptocurrency ATMs, compared to just 73 two years ago, and many more are under construction. On the phone with analysts in August, Brandon Mintz, CEO of U.S.-based BitcoinDepot Inc., said the company has more than 200 cryptocurrency ATMs in Australia awaiting regulatory approval to deploy. Australia has led the world in recent growth, according to CoinATMRadar. Operators argue that the machines promote financial inclusion by providing easy access to cryptocurrencies. But critics point to the risk of money laundering and losses from fraudulent users. Countries such as the UK and Singapore have banned the machines, while Germany is cracking down.