Partnership to Combat Fraud
The Niagara Regional Police in Ontario have teamed up with leading cryptocurrency ATM operators to raise public awareness about the risks of scams. Companies such as Bitcoin Depot, Bitcoin Well, Bitcoin4U, HODL, Instacoin, and LocalCoin are part of the initiative. Warnings will now be displayed on crypto ATMs, highlighting the irreversible nature of transactions and the risks of fraudulent activities.
Alerts Against Suspicious Transactions
The warnings will advise users to exercise caution and avoid transactions related to scams, such as fake requests for payments for government debts, utility bills, or other fraudulent schemes. Police revealed that in 2024, over 60 scams were reported in the Niagara region, leading to total losses of more than $1.3 million.
“Crypto ATMs serve legitimate purposes, such as purchasing cryptocurrencies, but it is crucial to be cautious and avoid using them for suspicious transactions or unsolicited payment requests,” the police statement said.
Recommendations for Users
The Niagara Police urge the public to verify the legitimacy of any payment requests before completing transactions through cryptocurrency ATMs. They recommend contacting the requesting party through official channels, such as verified websites or known contact details.
The police emphasized that transactions via crypto ATMs are irreversible, which can lead to devastating financial losses for victims. "Once funds are sent, they cannot be recovered," they warned.
Regulatory Oversight of Crypto ATMs
According to data from Coin ATM Radar, Ontario currently has 1,561 Bitcoin ATMs. Globally, the number of these devices increased by 6% in 2024, despite repeated warnings from regulatory authorities.
Agencies such as the FTC and FBI have issued multiple alerts about the risks associated with crypto ATMs. FTC data indicates that older adults are particularly vulnerable, with U.S. Bitcoin ATM-related losses exceeding $65 million in the first half of 2024.
In Australia, crypto ATM operators were recently ordered to comply with anti-money laundering regulations, with warnings that non-compliance could lead to enforcement actions. In the UK, the Financial Conduct Authority announced in September that no legally operating crypto ATMs exist in the country.
Conclusion
This campaign by the Niagara Police highlights the importance of public education and warnings against scams. User vigilance and awareness are key to minimizing financial losses and protecting against fraudulent practices in the rapidly evolving world of cryptocurrencies.

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The number of Bitcoin ATMs worldwide grew by 6% in 2024, reflecting how cryptocurrencies are becoming more mainstream and accessible to the public.
Bitcoin ATMs: Easy Access to Cryptocurrencies
Bitcoin ATMs operate similarly to traditional ATMs but allow users to buy and sell cryptocurrencies such as Bitcoin using cash or payment cards. Some machines even enable selling cryptocurrencies for cash, although transaction fees are typically higher.
The first Bitcoin ATM was installed in 2013 in Vancouver, Canada, marking a milestone in making cryptocurrencies accessible to the public. Today, there are over 37,500 Bitcoin ATMs across more than 70 countries, showcasing their growing popularity.

The U.S. Leads in Bitcoin ATM Installations
The United States continues to dominate the Bitcoin ATM market, holding more than 81% of the global share. As of January 13, 2024, the U.S. had over 31,500 Bitcoin ATMs, representing an increase of more than 1,000 machines compared to the start of the year.
In Europe, the Bitcoin ATM market is smaller but steadily growing. In 2024, 116 new machines were added in the region, representing a 7.5% increase compared to 2023. This growth persisted despite downturns in the cryptocurrency market, highlighting the resilience of the European market.
Diverse Regulatory Approaches to Crypto ATMs
Bitcoin ATMs are legal in most countries, but regulations vary. In the U.S., operators must comply with AML (anti-money laundering) and KYC (know-your-customer) rules and register as financial services businesses.
In Europe, several high-profile crackdowns have targeted illegal crypto ATMs. In Germany, authorities seized 13 crypto ATMs and $28 million in cash in August 2024 due to suspected money laundering. Similarly, the U.K. saw its first conviction for operating an illegal Bitcoin ATM network.
Bitcoin ATM Fraud on the Rise
Despite their legitimate use, Bitcoin ATMs have become a target for scammers. The Federal Trade Commission (FTC) revealed that reported losses linked to Bitcoin ATM fraud increased tenfold since 2020, surpassing $110 million in 2023.
In the first half of 2024 alone, Bitcoin ATM-related fraud accounted for $65 million in losses. Older adults aged 60+ were more than three times as likely to fall victim to these scams compared to younger users, with a median loss of $10,000. Common scams included impersonating government officials, corporate representatives, and tech support.
Summary: Growing Popularity and Challenges for Bitcoin ATMs
Bitcoin ATMs are becoming increasingly popular due to their convenience and global expansion. The year 2024 witnessed significant growth despite regulatory challenges and the risk of fraud. These machines represent a critical step toward wider cryptocurrency adoption but also require enhanced security and regulatory oversight to address potential misuse.

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Bitbase, a cryptocurrency ATM company based in Spain, is preparing to expand its network in Argentina, capitalizing on the growing popularity of these assets in the country; the company opened its first location in Argentina last year and hopes to continue expanding its business by 2025.

Bitbase is expanding its cryptocurrency ATM network, aiming to lead the industry in Argentina, where the economic recovery and investment-friendly policies are attracting crypto companies to the country.
Bitbase, a cryptocurrency ATM operator, announced it will open new locations with ATMs in several cities this year.
This company, headquartered in Spain, has over 130 ATMs worldwide and more than 4 million local users. It entered Argentina last year, launching its first ATM in Buenos Aires.