More Than 600 Crypto ATMs Become Unavailable in 2 Months: Report

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In the first two months of the third quarter in 2024, over 600 Bitcoin ATMs worldwide have gone offline. The United States has experienced the most closures, coinciding with efforts from law enforcement to crack down on ATMs involved in illegal activities such as extortion and scams.

Recent data from Coin ATM Radar shows a decline of 435 and 182 ATMs in July and August, respectively. The US has been the main contributor to this decrease, with 411 and 258 ATMs shutting down during this time period.

In response to these issues, a government committee in Chico, California has proposed regulating Bitcoin ATMs similarly to traditional banks.

The US Federal Trade Commission (FTC) has also reported a significant rise in scams involving Bitcoin ATMs, with fraudulent individuals capitalizing on the speed and anonymity of cryptocurrency transactions.