bitcoinatm
22,896 views
17 Posts
Hot
Latest
#bitcoinatm #revolution $BTC
A Bitcoin ATM is a kiosk that allows users to buy or sell Bitcoin and, in some cases, other cryptocurrencies using cash or debit cards. These machines are connected to the internet and enable users to conduct transactions quickly without needing a traditional bank. They work in two primary ways:
1. Buy Bitcoin: Insert cash, and the Bitcoin is sent to your digital wallet.
2. Sell Bitcoin: Send Bitcoin from your wallet, and the machine dispenses cash.
Bitcoin ATMs are commonly found in convenience stores, malls, or other public locations. Depending on the provider, the fees can range from 5% to 12% for transactions.
Popular Bitcoin ATM operators include CoinFlip, Bitstop, and CoinCloud. Websites like CoinATMRadar can help you find Bitcoin ATMs near you.
A Bitcoin ATM is a kiosk that allows users to buy or sell Bitcoin and, in some cases, other cryptocurrencies using cash or debit cards. These machines are connected to the internet and enable users to conduct transactions quickly without needing a traditional bank. They work in two primary ways:
1. Buy Bitcoin: Insert cash, and the Bitcoin is sent to your digital wallet.
2. Sell Bitcoin: Send Bitcoin from your wallet, and the machine dispenses cash.
Bitcoin ATMs are commonly found in convenience stores, malls, or other public locations. Depending on the provider, the fees can range from 5% to 12% for transactions.
Popular Bitcoin ATM operators include CoinFlip, Bitstop, and CoinCloud. Websites like CoinATMRadar can help you find Bitcoin ATMs near you.
đš FCA Charges Man for Operating Illegal Crypto ATMs Processing $3.4M!
In a groundbreaking move, the U.K.âs Financial Conduct Authority (FCA) has charged a London man, Olumide Osunkoya, for operating unregistered crypto ATMs that processed ÂŁ2.6 million ($3.4M) in transactions between December 2021 and September 2023. This marks the first criminal prosecution of its kind in the U.K.
The FCA accused Osunkoya of running multiple crypto ATMs without proper registration, violating the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017.
FCA's Warning: "If you're using a crypto ATM, you're handing your money to criminals," said Therese Chambers, FCAâs executive director of enforcement. She emphasized the risks of illegal crypto ATMs, often used for money laundering. Crypto ATMs, which allow users to buy or convert money into crypto, require FCA approval. As of today, no crypto ATMs are operating legally in the U.K. The FCA, along with law enforcement, has intensified efforts to crack down on these illegal operations.
Osunkoya is set to appear in court on Sept. 30. Globally, the Bitcoin ATM market has exploded, with over 38,000 Bitcoin ATMs worldwide as of August, despite being down from a peak in late 2022.
Takeaway: This case serves as a warning for both crypto users and operators in the U.K. The FCA is on a mission to eliminate unregulated activities, urging users to be aware of the risks in the crypto space.
Follow @Professor Mende - Bonuz Ecosystem Founder for more!
#bitcoinatm #btc #bitcoin #ATMUSDT #uk
$BTC
In a groundbreaking move, the U.K.âs Financial Conduct Authority (FCA) has charged a London man, Olumide Osunkoya, for operating unregistered crypto ATMs that processed ÂŁ2.6 million ($3.4M) in transactions between December 2021 and September 2023. This marks the first criminal prosecution of its kind in the U.K.
The FCA accused Osunkoya of running multiple crypto ATMs without proper registration, violating the Money Laundering, Terrorist Financing, and Transfer of Funds Regulations 2017.
FCA's Warning: "If you're using a crypto ATM, you're handing your money to criminals," said Therese Chambers, FCAâs executive director of enforcement. She emphasized the risks of illegal crypto ATMs, often used for money laundering. Crypto ATMs, which allow users to buy or convert money into crypto, require FCA approval. As of today, no crypto ATMs are operating legally in the U.K. The FCA, along with law enforcement, has intensified efforts to crack down on these illegal operations.
Osunkoya is set to appear in court on Sept. 30. Globally, the Bitcoin ATM market has exploded, with over 38,000 Bitcoin ATMs worldwide as of August, despite being down from a peak in late 2022.
Takeaway: This case serves as a warning for both crypto users and operators in the U.K. The FCA is on a mission to eliminate unregulated activities, urging users to be aware of the risks in the crypto space.
Follow @Professor Mende - Bonuz Ecosystem Founder for more!
#bitcoinatm #btc #bitcoin #ATMUSDT #uk
$BTC
â Over 600 BITCOIN ATMs Shut Down Globally in 2 Months
In a significant regulatory push, over 600 Bitcoin ATMs have gone offline worldwide in the first two months of Q3 2024, with the majority of shutdowns occurring in the United States. This move is part of a broader crackdown by law enforcement on ATMs involved in extortion and scams.
July: 435 machines shut down
August: 182 machines shut down
United States: Accounted for 411 shutdowns in July and 258 in August
Regulatory Actions: In response to the rising concerns about Bitcoin ATM misuse, local and national authorities are stepping up efforts to regulate these machines. For instance, Chico, California is considering treating Bitcoin ATMs similarly to banks, as discussed by Andy Pickett, chief administrative officer of Butte County.
Scam Concerns: The Federal Trade Commission (FTC) has reported a tenfold increase in Bitcoin ATM scams since 2020. In 2023 alone, losses from these scams exceeded $110 million, with older individuals being particularly targeted. These scams often involve fraudsters misleading victims into transferring funds through Bitcoin ATMs.
Current Landscape: As of September 5, Coin ATM Radar data shows there are approximately 38,790 crypto ATMs globally. The US and Canada collectively account for about 91% of these ATMs. The top 10 operators manage 74% of the total machines, with Bitcoin Depot operating the largest number of ATMs and implementing scam warnings on its kiosks.
International Crackdowns: In Europe, Germany's Federal Financial Supervisory Authority recently seized 13 crypto ATMs from 35 locations, emphasizing the need for rigorous Know Your Customer (KYC) controls for transactions above 10,000 euros. Similarly, Singapore has banned crypto ATMs as part of a broader regulatory effort.
What do you think about this?
đ Drop a comment below and follow @Professor Mende - Bonuz Ecosystem Founder for more updates!
#atm #bitcoinatm #BNBChainMemeCoin #CryptoMarketMoves $TON
In a significant regulatory push, over 600 Bitcoin ATMs have gone offline worldwide in the first two months of Q3 2024, with the majority of shutdowns occurring in the United States. This move is part of a broader crackdown by law enforcement on ATMs involved in extortion and scams.
July: 435 machines shut down
August: 182 machines shut down
United States: Accounted for 411 shutdowns in July and 258 in August
Regulatory Actions: In response to the rising concerns about Bitcoin ATM misuse, local and national authorities are stepping up efforts to regulate these machines. For instance, Chico, California is considering treating Bitcoin ATMs similarly to banks, as discussed by Andy Pickett, chief administrative officer of Butte County.
Scam Concerns: The Federal Trade Commission (FTC) has reported a tenfold increase in Bitcoin ATM scams since 2020. In 2023 alone, losses from these scams exceeded $110 million, with older individuals being particularly targeted. These scams often involve fraudsters misleading victims into transferring funds through Bitcoin ATMs.
Current Landscape: As of September 5, Coin ATM Radar data shows there are approximately 38,790 crypto ATMs globally. The US and Canada collectively account for about 91% of these ATMs. The top 10 operators manage 74% of the total machines, with Bitcoin Depot operating the largest number of ATMs and implementing scam warnings on its kiosks.
International Crackdowns: In Europe, Germany's Federal Financial Supervisory Authority recently seized 13 crypto ATMs from 35 locations, emphasizing the need for rigorous Know Your Customer (KYC) controls for transactions above 10,000 euros. Similarly, Singapore has banned crypto ATMs as part of a broader regulatory effort.
What do you think about this?
đ Drop a comment below and follow @Professor Mende - Bonuz Ecosystem Founder for more updates!
#atm #bitcoinatm #BNBChainMemeCoin #CryptoMarketMoves $TON