1,233 Crypto ATMs Shut Down in the US

In the first week of March, over 1,200 cryptocurrency ATMs mysteriously went offline in the United States. This occurred just days after a senator introduced a bill aimed at preventing fraud at crypto ATMs.

On February 25, Illinois Senator Dick Durbin proposed legislation to address fraud at crypto ATMs in the US, citing a recent incident involving one of his constituents. His proposal coincided with the installation of 860 new crypto ATMs in the US that same month.

However, in the first three days of March, the global Bitcoin ATM network lost 1,100 machines, with the US accounting for 1,233 of those losses. According to Coin ATM Radar data, these losses were somewhat offset by new installations in Europe, Canada, Spain, Poland, Australia, and Switzerland.

US Has the World’s Largest Crypto ATM Network, But Regulatory Pressures Slow Growth

The US hosts the world’s largest crypto ATM network, and the closures had a minor impact on the overall network. As of March 3, the US is home to 29,731 crypto ATMs, representing 79.9% of the global total. Canada and Australia follow with 3,085 (8.3%) and 1,467 (3.9%) ATMs, respectively.

Crypto ATM Growth Stalls Amid Regulatory Pressures

Currently, there are 37,226 active crypto ATMs worldwide. However, the growth of the crypto ATM ecosystem has stalled since mid-2022 due to evolving regulations and crackdowns on unregistered businesses.

Durbin’s proposed bill would require crypto ATM operators to warn users about scams to protect them from fraud. Additionally, it aims to minimize fund losses and provide law enforcement with tools to track illicit transactions.

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