Analysis
Crypto ATMs are facing increasing pressure from regulators, including bans at the municipal level.
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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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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.
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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.
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The town of Grosse Pointe Farms has no crypto ATMs, but has regulated them anyway, requiring registration, warnings and limits on kiosks.
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Tasmanian police said they found victims were being directed to crypto ATMs by scammers after regular financial institutions flagged the transactions.
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Bitcoin Depot has disclosed that 27,000 of its customers data was breached, but said there was “no evidence of customer information being misused.”
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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.
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The case marks California DFPI’s first enforcement action under the state’s Digital Financial Assets Law.
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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.
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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.
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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.
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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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Australian Federal Police say scam losses via crypto ATMs surpassed 3.1 million Australian dollars ($2 million) in a 12-month period, which “may be just the tip of the iceberg.”
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As Bitcoin aims to go mainstream, the crypto industry’s blind spot in terms of physical infrastructure is holding it back. Neglecting real-world access points risks leaving millions behind.
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