Opinion
Blanket crypto ATM bans punish legitimate users while fraudsters adapt. Smart warning systems at kiosks could intercept scams in progress.
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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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Illinois enacts first-in-Midwest crypto consumer protections, requiring exchange oversight and capping ATM fees at 18%.
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Crypto ATMs are facing increasing pressure from regulators, including bans at the municipal level.
9569 - News
Senators in the state of Wisconsin have filed an identical bill to accompany earlier legislation filed in the state’s lower house that aims to closely regulate crypto ATMs.
9806 - Explained
New Zealand’s financial watchdog outlawed crypto ATMs, citing regulatory gaps and AML concerns and raising questions about retail access and compliance.
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Crypto ATM arrests in London come as US states like Wisconsin move to limit daily transactions and mandate fraud warnings.
4964 - News
The town of Grosse Pointe Farms has no crypto ATMs, but has regulated them anyway, requiring registration, warnings and limits on kiosks.
12463 - News
Tasmanian police said they found victims were being directed to crypto ATMs by scammers after regular financial institutions flagged the transactions.
4677 - News
Bitcoin Depot has disclosed that 27,000 of its customers data was breached, but said there was “no evidence of customer information being misused.”
2536 - News
New Zealand banned crypto ATMs and set a $5,000 cap on overseas cash transfers in a major step to combat money laundering and financial crime.
5059 - News
The case marks California DFPI’s first enforcement action under the state’s Digital Financial Assets Law.
3498 - News
One of the victims identified in the police operation said she carried around $13,000 in cash at one point to send Bitcoin to scammers via crypto ATMs.
6661 - News
Pictures show a Texas sheriff’s department taking a power-cutting tool to a crypto ATM after a family reportedly used it to pay a scammer.
5017 - News
Spokane City Council has banned crypto ATMs to curb rising scams, giving operators 60 days to remove machines amid concerns over fraud and vulnerable residents.
7625 - News
Installing Bitcoin ATMs inside post office locations is part of a broader push to modernize Romania’s postal service with digital tech.
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