- Senator Dick Durbin of Illinois proposed a bill to combat cryptocurrency ATM fraud.
- With 29,731 crypto ATMs in operation as of March 3, the United States accounts for 79.9% of the global total.
Just days after a senator sponsored the Crypto ATM Fraud Prevention Act to combat crypto ATM fraud, over 1,200 cryptocurrency ATMs in the US went offline for unknown reasons during the first weekend of March.
Senator Dick Durbin of Illinois proposed a bill to combat cryptocurrency ATM fraud on February 25. He based his proposal on a recent case involving a constituent of his. He made his proposal in the same month that 860 additional cryptocurrency ATMs were set up in the United States.
Substantial Shrink in the US
Still, in the first three days of March, the worldwide Crypto ATM network suffered a net reduction of 1,100 machines, with the US responsible for 1,233 of those losses. New installations in Europe, Canada, Spain, Poland, Australia, and Switzerland somewhat compensated for the closures, according to Coin ATM Radar data.
There was a little disruption to the vast US crypto ATM network due to the shutdown of ATMs. With 29,731 crypto ATMs in operation as of March 3, the United States accounts for 79.9% of the global total. The next two countries in terms of ATMs installed are Australia with 1,467 (3.9% of the total) and Canada with 3,085 (8.3%).
At the moment, there are 37,226 crypto ATMs operating throughout the world. As a result of new rules and penalties for unlicensed companies, the crypto ATM ecosystem has not expanded since the middle of 2022.
To protect customers from fraud, Durbin has proposed a law that crypto ATM operators must notify customers of potential scams. Additionally, it will implement steps to limit loss of funds and equip law enforcement with tools to trace unlawful transactions.
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