- Bitcoin ATM Reduction Statistics
- Increase in Bitcoin ATM Scams
- Authorities' Response and Regulation Enhancement
The global Bitcoin ATM network saw significant losses in the first two months of Q3 2024. The majority of shutdowns occurred in the United States, where law enforcement authorities are actively closing ATMs due to their frequent involvement in extortion and scams.
Bitcoin ATM Reduction Statistics
According to Coin ATM Radar, the global Bitcoin ATM network lost 435 and 182 machines in July and August, respectively. The US contributed the most to these statistics, reporting a reduction of 411 and 258 ATMs during the timeframe.
Increase in Bitcoin ATM Scams
The United States Federal Trade Commission (FTC) reported a tenfold increase in Bitcoin ATM scams since 2020. Losses from these scams surpassed $110 million in 2023, with individuals aged 60 and older being the most targeted.
Authorities' Response and Regulation Enhancement
On August 20, Germany’s Federal Financial Supervisory Authority conducted a crackdown, seizing 13 ATMs from 35 locations. Additionally, Bitcoin ATMs are banned in Singapore as part of broader efforts to regulate the cryptocurrency market.
The global decline in Bitcoin ATMs highlights the increasing need for enhanced regulation and security measures in the industry amid rising scams and regulatory crackdowns.
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