Tag: Coinatmradar

Australia Breaks Into Top 3 Nations for Crypto ATM

by Blockchain News

In spite of the bear market and the record-low dynamics of new Bitcoin ATM installations throughout the globe, Australia has broken into the top three countries internationally in terms of the number of cryptocurrency ATMs.

It wasn’t until the first few days of January that the Australians moved up to the fourth slot; since then, they’ve added another 16 computers to their network. According to the data provided by Coinatmradar, Australia now has 234 crypto ATMs, which places her in third place internationally behind the United States and Canada in terms of the number of available machines.

In three weeks it outpaced Spain, which possessed 222 crypto ATMs.

It’s all about dynamics: Australia installed 99 cryptocurrency ATMs in only the final three months of 2022, which is over half of the country’s entire number of machines.

Since the beginning of the year, Australia has added 16 new ATMs, while Spain has actually lost 4, and El Salvador, which occupies the fifth rank globally, has not registered a single new ATM. Australia leads the world in this category.

In general, the number of cryptocurrency ATMs in Australia, Spain, and El Salvador combined could not come close to matching the large number of ATMs in the United States. The United States of America is home to 33,387 machines, which accounts for 86.9% of all machines in the world.

Together with Canada (2.556) at the time of writing, they possess a remarkable 94.4% of all the crypto ATMs.

A bear market that lasted all of 2022, coupled with heightened geopolitical tensions and inflation on a global scale, led to a significant reduction in the number of cryptocurrency ATMs being installed.

Comparatively, only 94 Bitcoin ATMs were added to the global network between July and the end of 2022. This is in contrast to the 4,169 Bitcoin ATMs that were present during the first half of 2022.

The first Bitcoin ATM with integrated Lightning Network capabilities was installed in the city of Coolangatta, which is located in Australia, in the month of January 2023.

It functions in a manner that is analogous to that of conventional cryptocurrency ATMs, but the layer-2 Lightning solution allows for significant time savings.

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Bitcoin ATMs Installation Growth Dropped Sharply in September

by Blockchain News

The number of Bitcoin Automated Teller Machines (ATMs) installed globally is currently being affected by the current state of the crypto economy. 

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The number of ATMs that have been installed dropped from 38,776 in August to 37,980 ATMs in September according to data gotten from CoinATMRadar. 796 ATMs were removed from the global network which resulted in a drop of -2.05%. 

 

The sudden drop in Bitcoin ATMs installations can be attributed to a variety of factors, including uncertainties in markets and tensions from different geopolitical regions.

 

Bitcoin ATMs allow a person to buy Bitcoin and other cryptocurrencies with cash or a debit card. Some Bitcoin ATMs offer a two-way feature that allows you to both buy Bitcoin and sell Bitcoin for cash. 

 

In some cases, Bitcoin ATM providers require users to have an existing account to make transactions on the machine. Bitcoin ATMs are one of the most visible benchmarks for measuring the growth of the digital currency ecosystem.

 

Bitcoin ATMs Installed in Different Regions

 

The data gotten from CoinATMRadar showed that as of May 18, 2020, there were 7,856 crypto ATMs in 72 countries and 5,888 locations in the United States alone, with 736 concentrated in the Los Angeles area and 946 present in Washington, DC. This amount is inclusive of other coins like Bitcoin Cash(BCH). Ethereum(ETH), Litecoin(LTC), and Dash (DASH).

 

Bitcoin ATMs were also introduced in the East and South of London with about 15 ATMs distributed across this region. Transactions have been constantly simplified through the  ATM network of at least 150 machines across London.

 

The citizens of South Korea can now withdraw BCH, especially in areas that have not yet integrated peer-to-peer electronic cash payments with more than 13,000 ATMs present in South Korea as a result of the partnership between Bitcoin.com and Mecon Cash.

 

Despite the setback in market structure, data from 60 Days shows that almost 14 crypto ATMs are being installed worldwide per day, and Genesis Coin accounts for a 40.3% share of ATMs among other manufacturers.

Image source: Shutterstock

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Singapore crypto ATMs shut down after central bank crackdown

by Cointelegraph

The Monetary Authority of Singapore has reportedly decided to shut down cryptocurrency automatic teller machines in the city-state.

According to Bloomberg, to comply with new regulations issued by the Monetary Authority of Singapore (MAS), Singapore’s central bank, cryptocurrency ATM operators in the country were forced to shut down their operations on Tuesday.

The new clampdown on cryptocurrency ATMs sparked several reactions from the city’s cryptocurrency operators, with Daenerys & Co saying it was “surprised” and canceled its ATM service on Tuesday evening. Their main competitor, Deodi, switched off its ATM network and sent staff to remove its crypto ATMs.

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public. On Monday, the central bank released new central bank guidance that bans crypto firms from advertising their services in public places, websites and social networks.

Singapore’s souring on crypto, however, is more of a surprise. Coincub, a fintech start-up based in the city-state, named Singapore the most crypto-friendly country in the world in December, owing to the city’s “good legislative environment” and “high rate of cryptocurrency adoption.” However, the legislative climate in the city-state appears to be cloudier right now.

Related: UK advertiser ASA continues crypto ad banning spree

Cointelegraph reached out to the MAS for more information but did not receive a response as of publishing time. This article will be updated if new details emerge.

The clampdown in Singapore came soon after similar advertising limitations were enacted in Spain and the United Kingdom. On Monday, the Spanish government required crypto businesses to submit ad campaigns for regulatory approval 10 days in advance., while the U.K. launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.