Worldwide concerns are increasing about the rapid growth of
crypto ATM scams, with elders often targeted. These scams have surged by 1,000% since 2020, causing significant financial losses. As a result, many countries, including
Australia and the US, are imposing stricter rules on crypto ATMs.
During an increase of scams, crypto ATMs continue to proliferate. This contradiction is seen with the ATM market forecast expected to grow till
2032, the count of crypto ATMs increasing notably in
Poland and the US, and the machines being introduced in Costco stores and federal buildings. However, the growth has also resulted in a higher rate of shutdowns including a loss of over 600 machines globally within two months.
Several measures are urged to combat scam issues. An example is limiting the transaction limit as Australia has imposed an
AU$5,000 cap on transactions. Laws and regulations, both existing and proposed, target the crypto ATMs to ensure consumer protection.
Arizona and
Nebraska are states in the US that have passed regulation and licensing bills, expressly targeting the operation of these machines.
Groups like the FTC and consumer advocates have issued warnings and guidelines to protect consumers from falling victim to these scams. Finally, legal enforcement against scammers and stringent rules for crypto ATM providers are being implemented to ensure anti-money laundering procedures are strictly adhered to.
ATM Coin News Analytics from Fri, 12 Jul 2024 07:00:00 GMT to Wed, 04 Jun 2025 13:14:45 GMT -
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