In the first weekend of March, over 1,200 cryptocurrency ATMs mysteriously went offline in the United States, just days after a senator introduced the "Cryptocurrency ATM Fraud Prevention Act" aimed at curbing fraud related to crypto ATMs.
On February 25, Illinois Senator Dick Durbin proposed legislation to combat fraud at cryptocurrency ATMs in the U.S., mentioning a recent incident involving his constituents. In the same month, the U.S. also saw the installation of 860 new cryptocurrency ATMs.
Despite this, according to data from Coin ATM Radar, the global Bitcoin (BTC) ATM network saw a net decrease of 1,100 machines in the first three days of March, with the U.S. losing 1,233 machines. New installations in Europe, Canada, Spain, Poland, Australia, and Switzerland slightly offset this loss.
The chart shows the net change in the number of cryptocurrency machines installed and removed in the U.S. Source: Coin ATM Radar
The shutdown of ATMs had a slight impact on the vast network of crypto ATMs in the U.S.
Distribution of installed crypto ATMs across countries and continents. Source: Coin ATM Radar
As of March 3, the U.S. had 29,731 cryptocurrency ATMs, accounting for 79.9% of the total number of crypto ATMs worldwide. Canada and Australia ranked second and third, with 3,085 (8.3%) and 1,467 (3.9%) ATMs, respectively.
Total number of installed Bitcoin machines worldwide. Source: Coin ATM Radar
Currently, there are 37,226 cryptocurrency ATMs in operation globally. Since mid-2022, the growth of the cryptocurrency ATM ecosystem has stagnated due to changes in regulatory policies and crackdowns on unregistered businesses.
Related: Australian police discover an "Aladdin's cave" containing stolen Bitcoin ATMs and Pokémon cards
Source: Dick Durbin
The legislative proposal put forth by Durbin requires cryptocurrency ATM operators to alert users to potential scams to prevent fraudulent activities. Additionally, the proposal will take measures to reduce financial losses and provide law enforcement with tools to track illegal transactions.
Related: U.S. lawmakers push for the repeal of "unfair" cryptocurrency tax rules
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