Across the globe, especially in regions like California, Germany, UK, and
Australia, alarming growth in fraud activities tied to Bitcoin ATMs has been reported. Some scams involved the
illegal operating of crypto ATM networks and
coin theft, while some used
extortion, revealed unknown sources. Despite these security threats, the< b>cryptocurrency ATM market is still growing with thousands of machines installed yearly. However, in
2024, the trend seems to take a downturn with the number of Bitcoin ATMs decreasing significantly, attributed to a series of crackdowns by regulators and multiple scams. In a bid to regulate crypto ATMs, rules are being tightened, with some regions upholding daily transaction limits and others outright seizing machines. Notably, companies like
CoinFlip and
Bitcoin Depot continue to expand their footprint, even extending services into
Mexico, regardless of fluctuations in BTC price. A newly launched feature now allows users to cashout Bitcoin at ATMs in the
US. Businesses still see the potential of Bitcoin ATMs as a lucrative side hustle and expect a resurgence once Bitcoin 'FOMO' hits full swing.
ATM Coin News Analytics from Tue, 12 Dec 2023 08:00:00 GMT to Wed, 02 Oct 2024 19:33:00 GMT -
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