tech
January 10, 2026
The crypto ATM's days in America may be numbered
With scammers using crypto ATMs to steal hundreds of millions of dollars from Americans, a movement to ban bitcoin teller machines is growing nationwide.
TL;DR
- Cryptocurrency ATMs are being exploited by scammers, leading to significant financial losses for victims, with $240 million lost in the first half of 2025.
- Spokane, Washington, enacted a ban on crypto ATMs, becoming the largest U.S. municipality to do so, after a police detective noticed a rise in related crimes.
- Scammers often target elderly or lonely individuals, posing as romantic interests or government agents, and directing victims to deposit funds via crypto ATMs.
- Some experts argue that crypto ATMs offer a crucial avenue for financial privacy and access to digital assets, particularly for the underbanked population.
- Others contend that while crypto ATMs can be exploited, they also serve a legitimate purpose for immediate, private, and frictionless money movement, filling gaps left by traditional finance.
- The U.S. hosts approximately 80 percent of the world's crypto ATMs, partly due to its large underbanked population and high crypto adoption, but also reflecting structural failures in the financial system.
- While licensed U.S. crypto ATMs are required to implement KYC and AML procedures, enforcement and education are seen by some as more effective solutions than outright bans.
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