Law enforcement authorities worldwide are searching for Bitcoin ATMs involved in fraud and scams to deactivate them. As a consequence, more than 600 BTC ATMs have disappeared in two months.

According to data from Coin ATM Radar, “the global Bitcoin ATM network lost 435 and 182 machines in July and August.” In the United States, Bitcoin ATMs decreased by 411 and 258 in July and August, respectively.

As part of this search by law enforcement authorities around the world for BTC ATMs involved in crimes, the United States Federal Trade Commission (FTC) reported “a tenfold increase in scams involving BTC ATMs since 2020”, as criminals take advantage of the “anonymity and fast nature of cryptocurrency transactions. Cryptocurrency ATMs resemble standard ATMs and allow users to purchase cryptocurrencies, such as Bitcoin, using their cards,” the entity added.

Regarding losses due to scams in these BTC ATMs, the FTC revealed that in 2023 they exceeded $110 million. In addition, they emphasized that the main victims are people aged 60 or older, who are three times more likely to be scammed under deceptive or fraudulent promises.

In Germany, on August 20, the Federal Financial Supervisory Authority “started a crackdown on cryptocurrency ATMs, seizing 13 machines in 35 locations.”

The entity indicated that these ATMs could be the focus of criminal activities “if the operators do not apply the appropriate “Know Your Customer” controls on transactions over 10,000 euros.”

In Singapore, on the other hand, cryptocurrency ATMs are prohibited. The measure was applied by the Monetary Authority of the country “to regulate the advertising of cryptocurrencies among the public.”

M.Pino

Source: cointelegraph

(Reference image source: John Paul Cuvinar in Unsplash)

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La entrada Bitcoin ATMs involved in fraud have been deactivated apareció primero en Bitfinance.

The number of Bitcoin ATMs installed in the world is around 38,000 in the first half of 2024. During the first ten days of June, 882 ATMs were installed.

The deepening adoption of cryptocurrencies in the world has led to the installation of ATMs for transactions with these assets. The United States concentrates 87.9% of the total, with 33,403 units.

Countries such as El Salvador, which adopted bitcoin as legal tender, encourage the increase in the installation of BTC ATMs, where the manufacturers Genesis Coin (40.9 %), General Bytes (21.6 %), BitAccess ( 16.1 %), Coinsource (5.4 %) and Bitstop (4.8 %).

According to data collected by the Coin ATM Radar in the last two months, “an average of almost 23 bitomats are installed around the world every day.”

Analysts wonder if the fall in the price of Bitcoin could lead to a decrease in ATMs in the world. However, it seems that it would not be this way, given the current interest of large investors in acquiring cryptocurrencies.

M.Pino

With information from international media

(Reference image: GENERAL BYTES on Unsplash)

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The adoption of cryptocurrencies in the world is going quite well globally. However, the number of bitcoin ATMs is experiencing a different reality, with a marked reduction.

According to Brandon Mintz, CEO and founder of Bitcoin Depot (BTM), a publicly traded bitcoin ATM operator, “the trend is due to some operators closing unprofitable ATMs or going out of business.”

In this sense, it has been confirmed that the number of ATMs for the main cryptocurrency on the market, installed around the world, showed a drop this month to its lowest level since 2021.

“Since the end of last year, the number of installed crypto ATMs has decreased by 7,000, or 17 %, to 32,500,” according to AltIndex. By the end of 2022 the figure was 34,500.

The United States, the country with the largest number of bitcoin ATMs, suffered the largest decline. Currently, the US market has 26,700 ATMs. In any case, despite the reduction, the North American nation “continues to have almost 18 times more installed than all of Europe, which is home to about 1,500.”

One of the possible reasons for the decrease in the number of ATMs for bitcoin is their potentially criminal use. Criminals focused on the cryptocurrency sector find an easy way to advertise products for sale “on sites like eBay, ask buyers to deposit funds into a specific bitcoin wallet through an ATM, and then disappear.”

M.Pino

Source: cripto247

(Reference image source: Fernando Gutierrez-Juarez / dpa)

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The Spanish startup Bitbase announced that it reached an agreement with the Spanish Airports and Air Navigation agency (AENA) for the installation of cryptocurrency ATMs.

According to the official statement, initially four spaces were established specifically for these devices at the Alicante-Elche Miguel Hernández, Ibiza and Palma de Mallorca airports.

Given this situation, the company said that with this initiative, it is expected that they can consolidate in Spain and within this sector.

“Until now, most BitBase ATMs were located in shopping malls, and next to the 30 physical cryptocurrency stores it has in Portugal, Spain, and Paraguay”, the company said.

K. Tovar

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Source: Cointelegraph

La entrada Spanish airports will have Bitcoin ATMs apareció primero en Bitfinance.

The Bitcoin Law enters into force today in El Salvador to adopt cryptocurrency as a means of legal exchange in the Central American country. A range of economic possibilities opens up for Salvadoran citizens and for the economy in general, without neglecting controversies and positions contrary to the measure.

The president of the nation, Nayib Bukele, has been active since the early hours through his account on the social network Twitter, due to the entry into force of the legal course of bitcoin in El Salvador.

He has made reference to the benefits for the country of the adoption of this cryptocurrency for commercial transactions, making mention of the Chivo wallet, the availability for Apple, Google and Huawei, among others.

The comments and congratulations to the country for this step towards the adoption of cryptocurrencies have not been long in coming, as is the case with the crypto exchange Binance.

Welcome to #Bitcoin, El Salvador. pic.twitter.com/OYpBzpzQ9d

— Binance (@binance) September 7, 2021

The entry into force of bitcoin as a legal tender in El Salvador is the first step in a process of insertion in the fintech universe, where the country is a pioneer. The road ahead is just beginning; the cards are on the table and the progressive adjustment of this measure to the daily life of Salvadorans is expected.

M. Pino

With information from international media and social networks

La entrada Bitcoin is legal currency in El Salvador apareció primero en Bitfinance.