⛔ Over 600 BITCOIN ATMs Shut Down Globally in 2 Months

In a significant regulatory push, over 600 Bitcoin ATMs have gone offline worldwide in the first two months of Q3 2024, with the majority of shutdowns occurring in the United States. This move is part of a broader crackdown by law enforcement on ATMs involved in extortion and scams.

July: 435 machines shut down

August: 182 machines shut down

United States: Accounted for 411 shutdowns in July and 258 in August

Regulatory Actions: In response to the rising concerns about Bitcoin ATM misuse, local and national authorities are stepping up efforts to regulate these machines. For instance, Chico, California is considering treating Bitcoin ATMs similarly to banks, as discussed by Andy Pickett, chief administrative officer of Butte County.

Scam Concerns: The Federal Trade Commission (FTC) has reported a tenfold increase in Bitcoin ATM scams since 2020. In 2023 alone, losses from these scams exceeded $110 million, with older individuals being particularly targeted. These scams often involve fraudsters misleading victims into transferring funds through Bitcoin ATMs.

Current Landscape: As of September 5, Coin ATM Radar data shows there are approximately 38,790 crypto ATMs globally. The US and Canada collectively account for about 91% of these ATMs. The top 10 operators manage 74% of the total machines, with Bitcoin Depot operating the largest number of ATMs and implementing scam warnings on its kiosks.

International Crackdowns: In Europe, Germany's Federal Financial Supervisory Authority recently seized 13 crypto ATMs from 35 locations, emphasizing the need for rigorous Know Your Customer (KYC) controls for transactions above 10,000 euros. Similarly, Singapore has banned crypto ATMs as part of a broader regulatory effort.

What do you think about this?

👇 Drop a comment below and follow @Professor Mende - Bonuz Ecosystem Founder for more updates!

#atm #bitcoinatm #BNBChainMemeCoin #CryptoMarketMoves $TON