Poland is one of the top destinations for cryptocurrency ATMs

The rise in popularity and market value of cryptocurrencies over the last year has resulted in an increase in the number of locations around the world offering automated teller services to cryptocurrency holders. Most Bitcoin ATMs accept cash and credit cards, and some devices support two-way transactions, allowing users to sell cryptos as well. Typically, major cryptocurrencies such as bitcoin (BTC), ethereum (ETH), and bitcoin cash (BCH) are supported.

The Warsaw Business Journal recently stated that Poland has joined the top ten countries with the most cryptocurrency ATMs, using data provided by Crypto Head. With 112 crypto teller devices, the country is ranked seventh on the list, trailing only Hong Kong and ahead of Switzerland.

The United States is at the top of the list. The United States has a rapidly expanding network of Bitcoin ATMs (BATMs), with over 17,000 machines across the country supporting cryptocurrency deposits and withdrawals. According to the report, its northern neighbour, Canada, ranks second with nearly 1,500 ATMs, followed by the United Kingdom with around 200.

Globally, there are over 23,000 cryptocurrency ATMs

As of July, the global number of locations with cryptocurrency ATMs and tellers had reached 23,396 according to Coin ATM Radar. Its data spans 74 countries and over 600 operators. The tracking website has its own ranking, with Poland ranking eighth with 83 locations.

Poland is followed by Romania, which already has 78 ATMs and teller machines in the nation that exchange fiat currency and cryptocurrency. The United States, Canada, and the United Kingdom are once again the top three BATM destinations, with 20,604, 1,718, and 194 locations, respectively.

The Warsaw Business Journal remarks that the growing network of crypto ATMs has raised concerns among authorities about their potential use for illegal purposes. The report cites examples such as the movement of large sums of money across the border between the United States and Mexico during the coronavirus pandemic and a prospective ban on coin ATMs, which are purportedly used for money laundering, is being discussed in Vancouver.

According to Poland's Financial Supervision Authority (KNF), no provisions in Polish legislation currently prohibit or restrict the use of Bitcoin ATMs. Companies that instal and operate devices for buying and selling cryptocurrencies, on the other hand, are subject to the country's anti-money laundering (AML) regulations, according to the Polish publication.

What are your thoughts on the increasing number of cryptocurrency ATMs popping up all over the world? Please share your thoughts in the comments section below.