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The US lost 1,233 cryptocurrency ATMs in early March, just days after a senator proposed a bill to curb fraud in the sector.
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More than 1,200 cryptocurrency ATMs mysteriously went offline in the United States during the first weekend of March, just days after a senator introduced the Crypto ATM Fraud Prevention Act to stop crypto ATM fraud.
On Feb. 25, Illinois Senator Dick Durbin proposed legislation to target fraud at crypto ATMs in the US, citing a recent incident involving one of his constituents. His proposal came the same month that 860 new crypto ATMs were installed in the US.
Still, in the first three days of March, the global Bitcoin (BTC) ATM network saw a net decline of 1,100 machines, with the US accounting for 1,233 of those losses. The closures were slightly offset by new installations in Europe, Canada, Spain, Poland, Australia and Switzerland, according to Coin ATM Radar data.
Chart showing the net change of cryptocurrency machines number installed and removed monthly in the US. Source: Coin ATM Radar
The US is home to the world’s largest crypto ATM network
The ATM closures caused a small dent in the US’s massive crypto ATM network.
The distribution of crypto ATMs installed in various countries and on continents. Source: Coin ATM Radar
As of March 3, the US hosts 29,731 crypto ATMs, representing 79.9% of all crypto teller machines worldwide. Canada and Australia take up the next two spots, with 3,085 ATMs (8.3%) and 1,467 (3.9%) respectively.
Total number of Bitcoin machines installed globally over time. Source: Coin ATM Radar
Stagnant crypto ATM growth amid regulatory crackdown
Currently, 37,226 cryptocurrency ATMs are active globally. The growth of the crypto ATM ecosystem has stagnated since mid-2022 owing to evolving regulations and crackdowns on unregistered businesses.
Related: UK hands down first criminal sentence over illegal crypto ATMs
Source: Dick Durbin
Durbin’s proposed legislation would require crypto ATM operators to warn users of scams to prevent fraud. Additionally, it will introduce measures to minimize loss of funds and empower law enforcement with tools to track illicit transactions.
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This article first appeared at Cointelegraph.com News
