More than 600 Bitcoin ATMs were shut down in July and August 2024 as part of a worldwide effort to stop crimes involving cryptocurrencies. The United States had the most ATMs shut down, with 411 closing in July and 258 closing in August. This is because scammers and extortionists are using these machines more and more.
Coin ATM Radar data shows that the number of Bitcoin ATMs in the world has decreased significantly. This is because officials are targeting machines that are linked to illegal activities. Bitcoin ATMs, which let people buy cryptocurrencies with cash or bank cards, are being used more and more by scammers because they are anonymous.
The Federal Trade Commission (FTC) of the United States reported a high rise in Bitcoin ATM scams. In 2023, more than $110 million was lost in these scams. This kind of scam mostly targets older people, especially those over 60, making them three times more likely to fall for it.
As governments get stricter with rules, places like Germany and Singapore have put strict controls on crypto ATMs. German authorities recently took 13 computers from 35 different places, saying that they needed better Know Your Customer (KYC) rules. Singapore has banned all Bitcoin ATMs as part of a larger plan to control the use of cryptocurrencies and stop people from laundering money.
Even with the crackdown, there are still a lot of Bitcoin ATMs around the world—about 38,790 of them are still working. Ninety-one percent of all ATMs are located in North America, making it the market leader.
