Recent news covering the global landscape of Bitcoin ATMs — also known as
ATM Coin — presents a turbulent picture. Rapid growth in installations, particularly in
Australia, contrasts starkly with increasing instances of scams. These transactions fraudulently claim tens of millions of dollars annually, often targeting senior citizens. The
Federal Trade Commission (FTC) alarmingly reports a tenfold increase in fraud cases connected to Bitcoin ATMs, with scams in the first half of 2024 alone costing people a record $65 million.
Nevertheless, the growth of this innovative platform forning exchanges continues worldwide. Notable expansion includes CoinFlip's move into Mexico and Bitcoin Depot's impressive increase of 400 new ATMs. Yet the boom has come with some drawbacks: around
600 machines were lost globally in two months, and the world network shrunk by 334 machines in 40 days. Market correction and regulator actions, such as the cracking down on unlicensed operators in Germany and the UK, may be contributors to these numbers.
US lawmakers are calling for major crypto ATM operators to step up measures against fraud. California even introduced regulations to combat Bitcoin ATM fraud, including upholding a $1,000 cap on daily withdrawals. Similarly, new statewide regulations in place are preparing Chico, California for new Bitcoin ATM rules.
ATM Coin News Analytics from Tue, 12 Dec 2023 08:00:00 GMT to Wed, 09 Oct 2024 09:00:00 GMT -
Rating -3
- Innovation 0
- Information 8
- Rumor 2
