Over 600 Bitcoin ATMs Shut Down Amid Criminal Activity, US Takes Lead
Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...
In a sweeping crackdown on cryptocurrency ATMs globally, over 600 Bitcoin ATMs were taken offline in the first two months of Q3 2024, with the United States leading the pack.
Authorities are increasingly targeting these machines due to their involvement in criminal activities such as extortion and scams.
Coin ATM Radar data shows a significant decline in the global Bitcoin ATM network, with a loss of 435 machines in July and 182 in August. The United States contributed the most to these figures, reporting a reduction of 411 ATMs in July and 258 in August.
The rise in Bitcoin ATM shutdowns is part of a broader effort by law enforcement and regulatory bodies to clamp down on financial crimes facilitated through these machines.
In Chico, California, a local government committee is taking steps to regulate Bitcoin ATMs more rigorously, with proposals to treat these machines similarly to banks.
The United States Federal Trade Commission (FTC) has reported a staggering tenfold increase in scams involving Bitcoin ATMs since 2020, particularly because most of them are stationed there.
These scams exploit the anonymity and speed of cryptocurrency transactions, allowing fraudsters to deceive individuals into transferring their money through Bitcoin ATMs under false pretenses.
In 2023 alone, losses from such scams exceeded $110 million, with seniors aged 60 and older being three times more likely to be targeted.
A recent report also showed that scammers are increasingly exploiting crypto ATMs and kiosks to defraud victims, as seen in a recent
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