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According to data, the number of crypto ATMs have experienced a significant increase in May after a continuing series of declines. Reportedly, in May, the global count of crypto and Bitcoin ATMs witnessed over 1,400 net installations breaking the prolonged worldwide trend of declining number.&nbsp;



Crypto automated teller machines (ATMs) have gained popularity throughout the world in line with cryptocurrency’s growing adoption rate. A cryptocurrency ATM resembles a traditional ATM and is often used for trading Bitcoin or withdrawing money.



Data reveals that the total number of crypto ATMs have consistently declined in the first four months of 2023. During the mentioned time, major economies like the United States contributed to the declining numbers. However, countries like Australia, Poland and Spain showed a different approach and increased crypto ATM installations.



The chart below shows that in the first four months of this year, the total global crypto ATMs count declined by 5,850. However, as per data from, in May, 1,397 machines were added back to the global crypto ATM network.






While Bitcoin ATMs do not contribute to the growth of the Bitcoin network, it serves as a physical gateway for people to exchange their fiat currencies for crypto. Reportedly, this year itself, Australia <a href="https://news.todayq.com/news/within-three-weeks-australia-jumps-from-4th-to-3rd-spot-in-the-crypto-atm-race/">installed</a> a total of 233 ATMs, climbing up the ranks to become the third-largest crypto ATM hub in the world.



Despite a poor year-long reduction, the United States<a href="https://news.todayq.com/news/global-crypto-atms-count-reach-39768-us-and-canada-account-for-93/"> maintains</a> a leading position, representing 84.7% of crypto ATMs in the world, followed by Canada at 7.6%. The two nations have been at the top of the table for a really long time.&nbsp;



Among the reasons for the declining number of ATMs, a portion of it could be due to the regulatory crackdown. In the UK, Financial Conduct Authority (FCA) has <a href="https://news.todayq.com/news/fca-and-the-metropolitan-police-collaborate-to-shut-down-crypto-atms-in-east-london/">collaborated </a>with several local entities to <a href="https://news.todayq.com/news/fca-and-the-metropolitan-police-collaborate-to-shut-down-crypto-atms-in-east-london/">shut</a> down crypto ATMs present in the region.&nbsp;



Recently, the agency conducted a series of raids on unregistered crypto ATMs across the country. The FCA<a href="https://news.todayq.com/news/fca-raids-unregistered-crypto-atms-in-a-crackdown-on-money-laundering/"> inspected</a> sites in Exeter, Nottingham, and Sheffield alongside the regional police, as part of its ongoing crackdown on unlawful crypto ATMs, which it considers a potential accessory to money laundering.



However, in the long-run, the number of crypto ATMs is expected to align with the increasing fame of cryptocurrencies. As per data from Grand View Research, an India &amp; U.S.-based market research and consulting company, the market size is <a href="https://news.todayq.com/news/decoding-the-projected-increase-of-60-growth-of-the-crypto-atms-by-2030/">projected</a> to record a growth of 61.7% between 2022 and 2030, yielding a valuation of $5.45 billion.&nbsp;



The projected growth of the crypto ATM market size is also expected to boost crypto usage for retail payments and enable users to convert cryptocurrency into fiat currency simultaneously. As of writing, 35,069 ATMs remain operational worldwide.&nbsp;&nbsp;



However, with the increasing number of ATMs, there have been some threatening incidents as well. Recently, a hacker managed to gain <a href="https://news.todayq.com/news/top-btc-atm-maker-suffers-highest-security-breach-loses-over-1-5-million/">access</a> to sensitive information of Bitcoin ATM manufacturer General Bytes, including passwords, private keys and funds. The hacker managed to drain at least 56 BTC and 21.82 Ether. To avoid a similar situation in the future, the company advised its operators and customers to migrate to a self-hosted server installation, which can be secured by a VPN.
© Todayq News

After losing 5,850 Crypto ATMs in 2023, May adds 1400 installations

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