Bitcoin ATM Scams Surge, Costing Over $110M in 2023, Older Users Targeted-web3.0-php.cn

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Bitcoin ATM Scams Surge, Costing Over $110M in 2023, Older Users Targeted

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Sep 06, 2024 am 06:02 AM

Scam Crackdown Bitcoin (BTC) ATMs Shut Down Worldwide

Governments worldwide are taking action to regulate the use of Bitcoin ATMs.

Bitcoin ATM Scams Surge, Costing Over 0M in 2023, Older Users Targeted

Bitcoin ATM closures have reached new heights in the past two months, with over 600 machines being shut down worldwide, according to data from Coin ATM Radar. The United States has seen the highest number of closures, with 411 Bitcoin ATMs shut down in July and 258 more in August 2024.

These closures come as law enforcement works to combat the use of Bitcoin ATMs in scams and extortion. Bitcoin ATMs allow users to purchase cryptocurrencies using cash or debit cards. However, the anonymity and speed of these transactions have made them a target for criminal activity, leading authorities to step in and remove machines from circulation.

The U.S. is the leading country in terms of Bitcoin ATM shutdowns as regulators crack down on potential illegal activities linked to these machines. Scams involving Bitcoin ATMs have increased significantly in recent years, with losses exceeding $110 million in 2023, according to the Federal Trade Commission (FTC).

The FTC also reports that individuals aged 60 and older are three times more likely to be targeted by fraudsters using Bitcoin ATMs. These scams often involve criminals persuading victims to use Bitcoin ATMs to transfer funds under false pretenses.

Despite some ATM operators, like Bitcoin (BTC) Depot, posting warnings on their machines, scammers continue to exploit the system. Bitcoin Depot operates 8512 machines, making up 21.9% of the global Bitcoin ATM network, and uses screen prompts to alert users to potential scams.

In an effort to combat illegal activities, governments worldwide are taking action to regulate the use of Bitcoin ATMs. In August 2024, Germany’s Federal Financial Supervisory Authority seized 13 machines from 35 locations.

The move was part of an effort to prevent the use of these ATMs for activities, such as money laundering. Authorities stressed the need for proper Know Your Customer (KYC) practices to identify users conducting transactions over 10,000 euros.

In Singapore, Bitcoin ATMs are banned entirely. As a Result, the Monetary Authority of Singapore implemented strict regulations. Furthermore, this decision was made as part of a broader effort to protect users.

In addition, the ban includes tighter control on advertising cryptocurrencies to the public, aiming to reduce potential risks and ensure safer usage of crypto services.

As of September 2024, Coin ATM Radar reports that 38,790 crypto ATMs are active worldwide. The United States and Canada account for about 91% of all Bitcoin ATMs. While North America remains the dominant region for crypto ATMs, regulatory pressure continues to shape the landscape.

Interestingly, the top 10 Bitcoin ATM operators run 28,691 machines, which accounts for about 74% of the total network. Notably, Bitcoin Depot leads the market by operating 8,512 machines.

These top operators stand to be the businesses most affected by a Bitcoin ATM crackdown.

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