Bitcoin ATM

Nuruhussein Hussein is accused of posing as an Uber driver to steal hundreds of thousands in crypto by tricking passengers into handing over their phones. Are ride-hailing services becoming a new target for criminals?

AUSTRAC has launched a dedicated taskforce to tackle financial crimes linked to cryptocurrency ATMs, focusing on money laundering and fraud. The agency will monitor compliance with AML/CTF laws and take strict action against non-compliant operators to address rising risks.

India has recently announced that the country is considering banning cryptocurrencies like Bitcoin and Ether in favor of its Central Bank Digital Currency (CBDC).

A London man has denied charges of running an illegal cryptocurrency ATM business and laundering £300,000 without FCA authorisation. Currently out on bail, his next hearing is slated for 7 November.

Olumide Osunkoy faces prosecution on multiple charges related to the operation of crypto ATMs across the UK. He could spend up to 26 years in jail if convicted of all charges.

In 2023, cryptocurrency-related fraud surged by 45%, leading to over $5.6 billion in losses, with investment scams being the most significant contributor. The FBI highlighted that elderly individuals are particularly vulnerable, and emerging scams like those involving crypto ATMs and play-to-earn schemes are on the rise, urging increased vigilance and regulatory measures.

Over 600 Bitcoin ATMs were shut down globally with the United States leading the reduction by losing 411 ATMs in July and 258 in August.

Habibur Rahman, 37, from East Ham, London, becomes the first person in the UK to face criminal charges for operating an unregistered crypto ATM

Australia has witnessed a dramatic 17-fold increase in crypto ATMs over the past two years. Despite rapid growth, concerns about their potential misuse by malicious actors have also escalated.

Cryptocurrency acceptance is growing among luxury retailers like Ginza Xiaoma, signaling a shift towards digital payments in high-end markets globally. Despite challenges, increased business adoption and regulatory developments suggest a promising future for crypto as a mainstream payment method.