North America’s largest Bitcoin ATM operator is expanding into Hong Kong, citing rising global demand for simple cash-to-crypto services.
Bitcoin Depot (Nasdaq: BTM) announced Wednesday that it has launched operations in Hong Kong, marking its first entry into the Asian market. The company said the move is part of a broader plan to reach regions where interest in fast and easy crypto access is growing. It aims to become one of the top five Bitcoin ATM operators in the city.
“Hong Kong is quickly becoming a global center for crypto, with the right mix of regulation, demand, and momentum,” said Scott Buchana, the company’s president and chief operating officer.
To operate legally in Hong Kong, Bitcoin ATM providers must secure a Money Service Operator license from the Customs and Excise Department. Coin ATM Radar data shows there are currently 223 Bitcoin ATMs in the city. A company spokesperson told Cointelegraph that Bitcoin Depot worked closely with local partners to meet licensing, AML, and KYC requirements.
Hong Kong has been pushing to position itself as a regional hub for digital assets, setting itself apart from mainland China through clearer rules for crypto businesses. In November, Franklin Templeton launched the city’s first fully on-chain tokenized U.S. dollar money market fund for professional investors.
A growing—and controversial—industry
Bitcoin ATMs let users buy or sell Bitcoin with cash or debit cards. Their number has jumped 177% since Jan. 1, 2021, reaching 39,469 worldwide, according to Coin ATM Radar. The United States leads with 30,869 machines, while Australia has seen rapid growth—from 21 machines in 2021 to 2,019 today—making it the third-largest market after the U.S. and Canada.
But the machines have also drawn scrutiny. The FBI has warned about rising fraud involving crypto kiosks in the U.S., reporting nearly 11,000 complaints totaling more than $246 million in 2024. Some American cities have banned the machines, and several states are considering new limits on their use.
In Australia, Cybersecurity and Home Affairs Minister Tony Burke said in November that the government is not calling for a full ban on crypto ATMs, but new laws would give AUSTRAC the authority to impose one if needed.
Featured image from: cryptorank.com