More than 1,200 cryptocurrency ATMs in the United States unexpectedly went offline during the first weekend of March, just days after a senator introduced the Crypto ATM Fraud Prevention Act, aimed at curbing fraud in the sector.
On February 25, Illinois Senator Dick Durbin proposed legislation targeting crypto ATM fraud in the U.S., citing a recent incident involving one of his constituents.
His proposal came in the same month that 860 new crypto ATMs were installed across the country.
Despite this expansion, the global Bitcoin ATM network experienced a net decline of 1,100 machines within the first three days of March, with the U.S. accounting for 1,233 of those losses.
However, new installations in Europe, Canada, Spain, Poland, Australia, and Switzerland slightly offset the closures, according to Coin ATM Radar data.
The reduction in ATMs had only a minor impact on the U.S.’s extensive crypto ATM network.
As of March 3, the U.S. remains the dominant player, hosting 29,731 crypto ATMs, which make up 79.9% of all crypto teller machines worldwide.
Canada ranks second with 3,085 ATMs (8.3%), followed by Australia with 1,467 ATMs (3.9%).
Globally, 37,226 cryptocurrency ATMs remain operational.
However, the growth of the crypto ATM ecosystem has slowed since mid-2022, largely due to regulatory changes and crackdowns on unregistered businesses.
Durbin’s proposed legislation aims to require crypto ATM operators to warn users about scams, implement measures to reduce financial losses, and provide law enforcement with enhanced tools to track illicit transactions.
Sources:
https://cointelegraph.com/news/us-crypto-atm-shutdown-fraud-bill
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