Bitcoin ATMs Plummet in US Amid Regulatory Pressure and Fraud Concerns
Bitcoin ATMs in the US have seen a significant decline in recent times due to various reasons. According to Pluang, the number of Bitcoin ATMs has dropped from over 30,000 locations to around 19,400. This drop is attributed to regulatory bans, bankruptcy of operators, and compliance challenges.
The North American Securities Administrators Association (NASAA) has warned consumers about the risks associated with using Bitcoin ATMs. They point out that these machines often charge high fees, ranging from 4-20%, and may also come with hidden costs. Moreover, NASAA highlights the prevalence of fraud cases where victims are tricked into sending cryptocurrencies through these machines.
Despite the decline in the number of Bitcoin ATMs, they remain a common entry point for first-time crypto buyers. As more people become familiar with digital assets and their ease of use, buying cryptocurrency via exchanges or mobile wallets has become a more popular option. This trend may lead to traditional banks integrating Bitcoin options into their ATMs in the future.