Australia Becomes Fastest Growing Bitcoin ATM Market – More Inviting to Crypto Users

Australia’s Financial Regulator Cited Crypto ATMs as Risky

Australia’s progressive embrace of Bitcoin ATMs picked up after early obstacles in 2019. 

Australian crypto exchange Auscoin was one of the first to be affected by the government’s restrictions. AUSTRAC (Australia’s financial regulator) then revoked its license over crypto’s ties to crime, and the police accused the ATM firm of being a front for international drug smuggling. 

In 2020, AUSTRAC generally cited crypto ATMs as a risk for illegal activities, claiming that more stringent measures were necessary to curb criminal transactions. 

The AML/CTF program requires financial providers to show evidence of how they can address financial terrorism risks by developing policies, procedures, and controls to prevent them. 

Chicago-Based CoinFlip Perks Up Australia’s Crypto Stance

In 2022, offshore companies began taking action to fulfill the needs of crypto users, driving the country’s Bitcoin ATM market to grow by ~176% ever since. 

Chicago-based CoinFlip is the frontrunner in Australia’s crypto ATM sector, with ~700 kiosks nationwide.

CoinFlip’s ATMs support $BTC, $ETH, $LTC, $DOGE, $USDT, and fiat. And most of its kiosks are located in Sydney (383), Melbourne (282), Brisbane (191), and Perth (134).

Our Verdict – CoinFlip Makes Australia Appealing to Crypto Juggernauts

Despite regulatory concerns and hurdles over crypto security, Australia has quickly become a major player in the crypto ATM market. 

CoinFlip’s crypto kiosks likely make Australia an attractive country for blockchain enthusiasts who want to travel and spend their digital assets hassle-free. 

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