Newsletter
United States Senator Dick Durbin proposed legislation aiming to reduce fraud through crypto ATMs.
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ATM News
ATM (automated teller machine) is an electronic device that is used by financial services to provide various operations for their customers. The most commonly used ATM transactions are cash deposits and withdrawals, transferring funds and obtaining account information. Some current ATMs are also capable of performing such operations as selling train and lottery tickets, offering an opportunity for charitable donations and retailing concert tickets. The outburst of the popularity of cryptocurrency has also influenced ATMs and led to the development of cryptocurrency ATMs. The most popular of them is, of course, Bitcoin ATMs that allow people to exchange Bitcoin for cash, but one can also find Litecoin and Ethereum ATMs. However, crypto ATMs are not an ATM in the traditional sense, as it is not connected to a bank account, but to the Bitcoin exchange itself.
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The US lost 1,233 cryptocurrency ATMs in early March, just days after a senator proposed a bill to curb fraud in the sector.
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Olumide Osunkoya, who operated a network of crypto ATMs without regulatory permission, has been sentenced to four years in prison.
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Dick Durbin told the story of one of his constituents being scammed on the Senator floor before introducing the Crypto ATM Fraud Prevention Act.
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In Canada, you can buy Bitcoin on centralized exchanges, decentralized exchanges, Bitcoin ATMs and other options. You can also buy Bitcoin ETFs.
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Four have been arrested for allegedly stealing $50,000 worth of trading cards, along with firearms, car keys and six crypto ATMs.
6429 - How to
Want to buy Bitcoin in Singapore? This guide covers trusted methods, key steps and safety tips to start your crypto journey confidently.
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Poland surpasses El Salvador to become the fifth-largest Bitcoin ATM hub globally, recording 219 active machines amid a four-month installation spree.
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North Dakota’s lawmakers have introduced a bill aimed to combat crypto ATM transactions after 103 state residents reported $6.5 million in losses to crypto scams in 2023.
5418 - New Year Special
Bitcoin crossed $100K, marking a bullish year. Still, legal battles, regulatory crackdowns and poor decisions tested the industry.
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Australia has a total of 1,359 Bitcoin ATMs, which is about 3.5% of all crypto ATMs in the world.
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Byte Federal, operator of 1,300 Bitcoin ATMs in the US, urged its customers to reset login credentials following a massive data breach.
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Australia proposes tighter AML/CTF rules targeting crypto exchanges, legal services and real estate to combat financial crime.
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More than 7% of Australian fintechs closed in 2024, with blockchain firms leading the decline, a KPMG report revealed.
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Australia has the third-largest number of crypto ATMs globally and regulators are worried that they may be facilitating financial crime.
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