Australia's Crypto ATM Market Booms Amid Money Laundering Concerns

1. Australia has experienced a 17-fold increase in crypto ATMs in the past two years, making it one of the fastest-growing markets globally.
2. Australia now has 1,162 crypto ATMs, making it the world's third-largest market.
3. Authorities in Australia have identified crypto ATMs as a money laundering vulnerability.
4. The cash-to-crypto industry, dominated by ATMs, has processed at least $160 million in illicit transactions since 2019.
5. Scams and fraud account for the majority of illicit volumes in the cash-to-crypto industry.
6. Regulators globally have concerns about the role of crypto ATMs in scams and crimes.

Summary :
Australia has experienced a significant increase in the number of crypto ATMs, with a growth of 17 times in the past two years. The country now has 1,162 machines, making it the world's third-largest market for crypto ATMs. However, concerns have been raised about their use by malicious actors, and authorities in Australia have identified them as a money laundering vulnerability. Despite this, the country only holds a 3% share of the global market, with the United States dominating at over 82%. The cash-to-crypto industry, which is mainly driven by crypto ATMs, has processed at least $160 million worth of illicit transactions since 2019. Scams and fraud account for the majority of these illicit volumes. Some regulators have taken action against crypto ATMs, such as Germany's financial watchdog seizing 13 machines, and the UK shutting down 26 unlicensed ATMs.

Sources :

- CoinTelegraph
- Coindesk
- Coindesk