Over 1,200 Crypto ATMs Go Offline in The US Amid New Legislation

According to Cointelegraph, more than 1,200 cryptocurrency ATMs in the United States went offline during the first weekend of March. This unexpected development occurred shortly after Illinois Senator Dick Durbin introduced the Crypto ATM Fraud Prevention Act, aimed at curbing fraud associated with these machines. The proposal was prompted by a recent incident involving one of Durbin's constituents and coincided with the installation of 860 new crypto ATMs in the US.Despite the new installations, the global Bitcoin ATM network experienced a net decline of 1,100 machines in the first three days of March, with the US accounting for 1,233 of these losses. While the US saw a significant reduction, new installations in Europe, Canada, Spain, Poland, Australia, and Switzerland helped to slightly offset the closures. The US remains home to the world's largest crypto ATM network, with 29,731 machines as of March 3, representing 79.9% of all crypto teller machines worldwide. Canada and Australia follow with 3,085 ATMs (8.3%) and 1,467 (3.9%) respectively.Currently, there are 37,226 cryptocurrency ATMs active globally. However, the growth of the crypto ATM ecosystem has stagnated since mid-2022 due to evolving regulations and crackdowns on unregistered businesses. Senator Durbin's proposed legislation seeks to address these challenges by requiring crypto ATM operators to warn users of potential scams and introducing measures to minimize the loss of funds. The legislation also aims to empower law enforcement with tools to track illicit transactions, reflecting a broader regulatory effort to ensure the security and integrity of the crypto ATM network.