Poland and Romania are among the top 10 countries hosting the most cryptocurrency ATMs in the world. Poland has the highest number of ATMs for the first time ever, according to a new report by the Federal Trade Commission.
The rise in popularity and market value of cryptocurrencies over the last year has resulted in an increase in the number of locations worldwide offering automated teller services to cryptocurrency holders.
The majority of Bitcoin ATMs accept cash and credit cards, while other units support two-way transactions, allowing customers to also sell cryptos. Typically, major cryptocurrencies like bitcoin (BTC), ethereum (ETH), and bitcoin cash (BCH) are supported.
The Warsaw Business Journal recently reported, citing Crypto Head data, that Poland has joined the top ten nations with the most cryptocurrency ATMs. The country is ranked eighth with 112 crypto teller machines, behind Hong Kong but ahead of Switzerland.
The United States is at the top of the list. The United States has a rapidly growing network of Bitcoin ATMs (BATMs), which has surpassed 17,000 machines facilitating cryptocurrency deposits and withdrawals around the country.
Canada, its northern neighbour, comes second with about 1,500 ATMs, followed by the United Kingdom with approximately 200, according to the survey.
According to Coin ATM Radar, the global network of cryptocurrency ATMs and tellers now totals 23,386 sites as of July. Its data is available for 74 countries and approximately 600 operators. Poland is ranked seventh on the tracking website, with 83 locations.
Poland is followed by Romania, another East European country that already has 78 ATMs and teller machines capable of exchanging cash and cryptocurrency.
The United States, Canada, and the United Kingdom continue to be the three most popular BATM destinations, with 20,603, 1,618, and 194 locations, respectively.
According to the Warsaw Business Journal, the burgeoning network of cryptocurrency ATMs has raised concerns among authorities about their potential for unlawful use.
The paper cites other examples, including the movement of significant sums of money across the US-Mexico border during the coronavirus pandemic and a Vancouver discussion about a prospective ban on coin ATMs purportedly used for money laundering.
According to Poland’s Financial Supervision Authority (KNF), there are currently no provisions in Polish law prohibiting or restricting Bitcoin ATMs in any way.
However, the Polish publication emphasises that organisations that instal and operate equipment for buying and selling cryptocurrency are subject to the country’s anti-money laundering (AML) legislation.