The city of Spokane ( in Washington, America ) has just become the first locality in the state to ban cryptocurrency ATMs in response to the increasing wave of fraud. The city council unanimously passed the ban proposed by Commissioner Paul Dillon, stating that crypto kiosks are a common tool of criminals to defraud the public, especially in low-income areas.
The current machines will be dismantled within 60 days, otherwise, they will be subjected to administrative penalties and their business licenses will be revoked. The police stated that the money from these kiosks is often transferred to countries like China, North Korea, and Russia. Criminals often impersonate government agencies to lure victims into buying crypto in order to "protect their money."
The FBI recorded nearly 11,000 cases of fraud related to crypto ATM in 2024, with losses exceeding 246 million USD, primarily targeting the elderly.
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Washington's second largest city, Spokane, bans cryptocurrency ATMs.
The city of Spokane ( in Washington, America ) has just become the first locality in the state to ban cryptocurrency ATMs in response to the increasing wave of fraud. The city council unanimously passed the ban proposed by Commissioner Paul Dillon, stating that crypto kiosks are a common tool of criminals to defraud the public, especially in low-income areas.
The current machines will be dismantled within 60 days, otherwise, they will be subjected to administrative penalties and their business licenses will be revoked. The police stated that the money from these kiosks is often transferred to countries like China, North Korea, and Russia. Criminals often impersonate government agencies to lure victims into buying crypto in order to "protect their money."
The FBI recorded nearly 11,000 cases of fraud related to crypto ATM in 2024, with losses exceeding 246 million USD, primarily targeting the elderly.