3 months ago
The US mislaid 1,233 cryptocurrency ATMs successful aboriginal March, conscionable days aft a legislator projected a measure to curb fraud successful the sector.
More than 1,200 cryptocurrency ATMs mysteriously went offline successful the United States during the archetypal play of March, conscionable days aft a legislator introduced the Crypto ATM Fraud Prevention Act to halt crypto ATM fraud.
On Feb. 25, Illinois Senator Dick Durbin proposed authorities to people fraud astatine crypto ATMs successful the US, citing a caller incidental involving 1 of his constituents. His connection came the aforesaid period that 860 caller crypto ATMs were installed successful the US.
Still, successful the archetypal 3 days of March, the planetary Bitcoin (BTC) ATM web saw a nett diminution of 1,100 machines, with the US accounting for 1,233 of those losses. The closures were somewhat offset by caller installations successful Europe, Canada, Spain, Poland, Australia and Switzerland, according to Coin ATM Radar data.
Chart showing the nett alteration of cryptocurrency machines fig installed and removed monthly successful the US. Source: Coin ATM Radar
The US is location to the world’s largest crypto ATM network
The ATM closures caused a tiny dent successful the US’s monolithic crypto ATM network.
The organisation of crypto ATMs installed successful assorted countries and connected continents. Source: Coin ATM Radar
As of March 3, the US hosts 29,731 crypto ATMs, representing 79.9% of each crypto teller machines worldwide. Canada and Australia instrumentality up the adjacent 2 spots, with 3,085 ATMs (8.3%) and 1,467 (3.9%) respectively.
Total fig of Bitcoin machines installed globally implicit time. Source: Coin ATM Radar
Stagnant crypto ATM maturation amid regulatory crackdown
Currently, 37,226 cryptocurrency ATMs are progressive globally. The maturation of the crypto ATM ecosystem has stagnated since mid-2022 owing to evolving regulations and crackdowns connected unregistered businesses.
Related: UK hands down archetypal transgression condemnation implicit amerciable crypto ATMs
Source: Dick Durbin
Durbin’s projected authorities would necessitate crypto ATM operators to pass users of scams to forestall fraud. Additionally, it volition present measures to minimize nonaccomplishment of funds and empower instrumentality enforcement with tools to way illicit transactions.
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