Law enforcement agencies in the US have recently been clamping down on Bitcoin ATMs, especially those frequently used for extortion and scams.
By Mayowa Adebajo
Edited by Julia Sakovich
Updated
2 mins read
The number of active Bitcoin ATMs worldwide is on a decline and it is the first time this has been happening since July 2023. However, the reason why the 10-month-long global crypto ATM growth streak has ended so abruptly might not be farfetched.
The United States and Canada host the largest share, about 91%, of the world’s Bitcoin ATM network. That is according to data from CoinATMRadar. The US is home to about 30,960 (82.6%) machines, while Canada hosts 2,989 (7.7%) machines.
However, law enforcement agencies in the US have recently been clamping down on these Bitcoin ATMs, especially those frequently used for extortion and scams.
According to records, no less than 300 Bitcoin ATMs have gone offline so far this month. As of publication, the US market has lost 302 Bitcoin ATMs, while 28 machines have gone offline in Canada.
As Coinspeaker recently reported, Australia hit the milestone of 1,000 Bitcoin ATMs to become their third-largest host. Since then the country has added about 41 machines, bringing its total network to 1,041 machines. This accounts for 2.8% of the global total. So, despite the reductions in North America, the new installations in Australia, Switzerland, and various European countries have provided some balance to the global network. This means that, overall, Bitcoin ATMs worldwide have seen a net decline of 280.
The recent decline in Bitcoin ATM numbers raises questions about the future stability of the global network, particularly if law enforcement crackdowns intensify. However, the ongoing growth in other regions suggests that the overall demand for Bitcoin ATMs remains strong. As Australia may have just confirmed, the diversification of Bitcoin ATM locations could help stabilize and potentially rejuvenate the network in the coming months.
As the crypto market continues to evolve, so too will the infrastructure supporting it. Therefore, the global Bitcoin ATM space is likely to continue adapting to regulatory pressures while also expanding in regions with growing demand for cryptocurrency services.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
