Crypto ATMs are facing increasing pressure from regulators, including bans at the municipal level.
Crypto kiosks or automatic teller machines (ATMs) are facing increasing pushback from US regulators amid concerns about fraud and crime.
Once seen as a bellwether of crypto adoption, crypto ATMs, which allow users to buy or convert crypto anonymously, are increasingly under lawmakers’ microscope. Critics and regulators have flagged numerous cases in which the machines are used to commit or facilitate illicit activity.
The Federal Bureau of Investigation (FBI) has noted an increasing amount of money related to criminal activity going through crypto ATMs. In 2024, the FBI received nearly 11,000 complaints of fraud cases at crypto kiosks, valuing over $246 million.
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