A recent TRM Labs report reveals that crypto ATMs have processed at least $160 million in illicit transactions since 2019, with 2023 alone seeing over $30 million directed to known scam addresses. The rate of illicit activity at crypto ATMs is double that of the overall crypto industry, standing at 1.2% of total volume. Global regulatory concerns have led to significant crackdowns, including the seizure of 13 Bitcoin ATMs in Germany and the shutdown of 26 in the UK. In the US, over 1,000 Bitcoin ATMs have been forced offline since May 2024. Despite these challenges, Australia has seen a 17x increase in crypto ATMs over the last 24 months, though authorities have flagged them as a money laundering risk.
Crypto ATMs: A Hotbed of Illicit Activity and Regulatory Crackdowns, Says Report
This article was published more than a year ago. Some information may no longer be current.
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