United States-based cryptocurrency ATM provider CoinFlip has expanded to Mexico as a part of its global expansion plans. The company’s CEO, Ben Weiss, described the move as the “next logical step” and aims to offer Mexicans a “convenient, secure and easy way” to access cryptocurrencies.
CoinFlip’s entry into Mexico completes its North American expansion, following its entry into Canada in 2022. The firm also operates in Australia, New Zealand, South Africa, Italy, Panama, and Brazil, with its largest market being the United States.
Coinatmradar ranks CoinFlip as the second-largest crypto ATM provider with over 5,200 machines globally. However, CoinFlip claims it ranks first by transaction volume.
CoinFlip’s ATMs feature touchscreen interfaces for direct cryptocurrency transactions using cash. A QR code scanner on the ATMs allows users to credit funds to their wallet without typing lengthy addresses.
Besides Bitcoin, these ATMs support cryptocurrencies like ETH, DOGE, LTC, XLM, LINK, and stablecoins such as USDC, USDT, and PAXG. CoinFlip plans further expansion outside Mexico City throughout 2024.
A crypto hotspot
According to CoinFlip, citing a 2023 Chainalysis report, Mexico ranks 16th in the Global Crypto Adoption Index. Alejandro Bravo, CoinFlip’s Country Director for Mexico, expects “a significant uptick in cryptocurrency ownership in the Mexico market.”
As of publication, Mexico hosts at least 86 Bitcoin ATMs, with most located in Mexico City. In 2022, the nation made headlines after a Bitcoin ATM was installed in the senate building.
Globally, the number of crypto ATMs has dropped to 38,789 from nearly 40,000 in December 2022. This decline coincides with increased fraud and scams, drawing regulatory attention.
On Aug. 20, Germany’s financial watchdog BaFin seized 13 crypto ATMs due to licensing issues and money laundering concerns. The regulator warned that non-compliant ATM operators could face up to five years of jail time.
