The post Bitcoin ATMs Under Scrutiny: $160 Million in Illicit Transactions and Global Crackdowns appeared on BitcoinEthereumNews.com.

The rapid expansion of cryptocurrency ATMs has sparked significant attention from global regulators. Recent findings from TRM Labs highlight alarming trends in illicit activities associated with these kiosks. As of 2023, transactions linked to scams have surged, raising questions about the integrity of the ecosystem. This article discusses the rise of illicit transactions at crypto ATMs, regulatory actions worldwide, and trends in adoption in different regions. Illicit Transactions on the Rise: A Closer Examination According to a recent report by TRM Labs, cryptocurrency ATMs have been implicated in processing more than $160 million in illicit transactions since 2019. This staggering statistic reflects an emerging trend where approximately 1.2% of all crypto ATM transactions are deemed illicit—double the overall rate within the cryptocurrency industry. The data reveals that an alarming $30 million of these illicit transactions have occurred just this year, predominantly directed toward known scam addresses, which raises significant concerns about the security features and regulatory oversight of these machines. Regulatory Actions Intensify Globally The growing issue of illicit activity at cryptocurrency ATMs has spurred regulatory bodies worldwide to enforce stricter measures. In a recent crackdown, authorities in Germany seized 13 Bitcoin ATMs, while the UK has taken the notable step of shutting down 26 machines in a bid to mitigate illegal financial transactions. The United States has not remained immune to this trend, with over 1,000 Bitcoin ATMs being taken offline since May 2024 as part of broader efforts to regulate and secure the growing digital asset landscape. These actions underscore a robust commitment to ensuring that crypto platforms adhere to established financial regulations and combat illicit activities. The Australian Crypto ATM Surge: Opportunity or Risk? Contradicting the global regulatory crackdown, Australia has experienced a stunning 17-fold increase in the number of crypto ATMs over the last two years.…

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Filed under: News - @ August 30, 2024 9:24 pm