(MENAFN- eTrendy Stock) US law enforcement agencies have intensified their crackdown on bitcoin ATMs, focusing on those commonly used for extortion and fraudulent activities.
According to data from CoinATMRadar, the global landscape of Bitcoin ATMs is undergoing a significant shift. Since July 2023, the number of operational Bitcoin ATMs has shrunk for the first time. This decline ends ten months of continuously increasing the number of installed crypto-dispensing machines.
Global Bitcoin ATM Analysis
According to CoinATMRadar, the United States and Canada account for 91% of the global Bitcoin ATM network. The United States hosts approximately 30,960 machines, accounting for 82.6% of the total, while Canada has 2,989 machines, boasting 7.7%.
Meanwhile, US law enforcement agencies have amplified their scrutiny of Bitcoin ATMs. This crackdown has resulted in a significant decrease in the number of operational Bitcoin ATMs nationwide.
Official records show that at least 300 Bitcoin ATMs were decommissioned this month, with 302 in the US market and 28 in Canada. In contrast, the rate of Bitcoin ATM deployment in Australia surged.
In April, the country reached a milestone of 1,000 Bitcoin ATMs, making it the world's third-largest host of these machines. Since then, Australia has added forty-one machines, bringing its total to 1,041, representing 2.8% of the global total.
Nevertheless, new installations in Australia, Switzerland, and various European countries have compensated for the reductions in North America. Thus, the number of installed Bitcoin ATMs globally has dropped by only 280.
Concerns over Low Bitcoin ATMs
Notwithstanding the declining trend, the consistent growth of Bitcoin ATMs in other areas exhibits global demand for these services. Australia's recent expansion of Bitcoin ATM locations illustrates that the demand for these services will keep growing.
With the crypto market rapidly evolving, analysts believe there would be supporting infrastructure. Hence, the number of global Bitcoin ATMs can extend to regions where demand for cryptocurrency services keeps rising.
MENAFN21052024007158015398ID1108241587
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.