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Author: Admin | 2025-04-28
From December 2017 to February 2018, the number of Bitcoin ATMs in Canada increased by 20%.[16] In June 2019, Vancouver was considering a ban on the machines due to money-laundering concerns.[17]As per Coin ATM Radar, there are 1,026 Bitcoin ATMs across the European Union member area. The nations of the Union with the highest number of Bitcoin ATMs are Spain (174), Austria (133), Poland (114), Romania (87), Czechia (69), Greece (63) and Italy (60).[citation needed]According to Coin ATM Radar, there were more than 24,700 bitcoin ATMs in the US as of September 2021, up from 2,342 in Jan 2018. Some small shop owners earning a reported $300 a month for rental space.[citation needed] Most US cryptocurrency ATMs charge transaction fees between 6.5% and 20%.[18] Several bitcoin ATM companies, including the two largest bitcoin ATM companies Bitcoin Depot and Coin Cloud, charge this fee as a percentage of an exchange rate that is significantly less favorable to customers than the market rate. This functionally adds an additional 20% fee for using bitcoin ATMs.[19] According to comments made by Bitcoin Depot to its investors, the company specifically targets middle and lower income areas for placement of bitcoin ATMs. The company also attempts to minimize its own exposure to cryptocurrency as a volatile asset.[19]In February 2023, Cash Cloud, the company which operates the Coin Cloud ATMs, filed for bankruptcy. This was due to the company's exposure to Genesis Capital and the cryptocurrency crash which started in 2021.[20][21] In March 2023, three people were arrested for operating 51 bitcoin ATMS in Northeast Ohio. The trio were charged with multiple violations, including money laundering, licensing violations, and receiving stolen property.[22][23]Several analysts and regulators have compared US bitcoin ATMs to payday loans, as both are poverty industries which increase the cost of poverty by charging significantly
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