Spokane, a city in Washington, has become the first in its state to ban crypto ATMs. This move is aimed at protecting residents against a rising number of frauds.
Ban on Crypto ATMs in Spokane
The Spokane City Council unanimously voted to ban crypto ATMs in its session on June 17, giving operators 60 days to remove existing kiosks.
Reasons and Support for the Initiative
The measure was introduced by Council Member Paul Dillon in collaboration with Council President Betsy Wilkerson. Officials stated that this effort aims to reduce fraudulent losses linked to crypto kiosks, which have been frequently used in scams targeting vulnerable residents in low-income areas.
Broad Overview of Fraud Issues
According to the FBI, nearly 11,000 complaints related to crypto ATM scams were reported in 2024, with losses exceeding $246 million. Most victims were found to be over age 60.
The ban on crypto ATMs in Spokane reflects a broader trend across the country, where local and state governments are tightening oversight of such devices to protect consumers.
