More than 1,200 crypto ATMs were shut down in the United States during the first weekend of March. This occurred shortly after Illinois State Senator Dick Durbin proposed a bill aimed at combating fraud in the Bitcoin ATM sector.
According to Coin ATM Radar, from March 1 to 3, the global number of crypto ATMs decreased by 1,100 devices. Most of the losses occurred in the US, despite new installations in Europe, Canada, Spain, Poland, Australia, and Switzerland.
Durbin’s bill mandates user warnings about fraud risks, measures to minimize financial losses, and increased oversight of illegal operations via crypto ATMs. The senator proposed it following a complaint from a constituent who fell victim to fraudsters.
At the time of writing, the US hosts 29,787 crypto ATMs, nearly 80% of the global total of 37,227 devices. The closest competitors, Canada and Australia, account for only 8.3% and 3.9% of the total, respectively.
Since 2022, the growth of the crypto ATM network has slowed due to stricter regulations and actions against illegal operators. The shutdowns in the US are part of this broader trend.
In June 2024, the number of crypto ATMs worldwide reached 38,278 units, nearing the December 2022 peak of 39,541 devices.