Crypto ATM operators are facing increasing scrutiny from authorities across the globe owing to alleged related scams and fraudulent activity, according to reports. In recent news, Crypto ATM operator,
Athena Bitcoin, has been sued in multiple jurisdictions.
Attorney General Schwalb accuses the firm of financially exploiting district residents, while a
Texas woman alleges a loss of over $30,000 due to an ATM scam tied to the firm. Bitcoin ATMs have been reportedly clustered in low-income neighborhoods, raising concerns over their targeted locations.
Prosecutors in DC argue that these ATMs have enabled scams, particularly that target seniors. Recent regulations have been signed into law in Illinois while in Europe, a leading bitcoin ATM operator has halted services in Germany. In a potential case of market consolidation,
Bitcoin Depot is said to have taken over Pelicoin's five-state network in the Gulf South. Alternatively, ATM operator Coinflip seeks a buyout that could potentially be worth $1 billion. A total of 58,000 users have allegedly had their data exposed in a significant breach at Byte Federal. Federal and state authorities are warning the public of related scams, which have seen an alarming increase recently.
New Zealand has banned Crypto ATMs as a result, and an Australian crackdown on providers is occurring while ATM fraud remains rampant in Arizona. In a positive development, Bitstop has broadened the coins it gives access to across its nationwide ATM network.
ATM Coin News Analytics from Wed, 20 Nov 2024 08:00:00 GMT to Wed, 10 Sep 2025 07:38:52 GMT -
Rating -6
- Innovation -4
- Information 9
- Rumor -2
