The North Dakota American State is close to creating a license regime for Crypto ATMs after its Senate approved a bill that provides a regulatory framework for the industry.
Originally introduced on January 15, the Draft Law of the House of Representatives aims Kiosk locations and transactions.
In addition, operators must appoint a compliance officer.
A TRM Labs report discovered that automatic cryptography ATMs have facilitated at least $ 160 million in illicit transactions since 2019, Coindesk reported previously, with the police worldwide seeing them as a great money laundering and risk of scam.
FTC data also show an increase of almost ten times in Bitcoin ATM scam losses since 2020.
In the United Kingdom, the financial behavior authority, the country’s market regulator, has increased scrutiny in the sector with repressions in unregistered operators.
In 2024, the FCA accused Olumide Osokoya for executing illegal cryptographic automatic ATMs that processed $ 3.4 million, marking the first prosecution in the country. Osokoya was recently sentenced to four years for his role in the illegal network of Crypto ATM, and was also convicted of falsification, using false identity documents and possessing criminal properties.
With the growing fraud and regulatory scrutiny, the number of automatic cryptography ATMs is not growing despite the growth of BTC prices in 2024. Coinatmrar market data shows that the number of ATMs in the USA. UU. It has been approximately stable since 2022.
