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Cryptocurrency ATM
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A cryptocurrency ATM (automated teller machine) or Bitcoin ATM is a kiosk that allows a person to purchase Bitcoin and other cryptocurrencies by using cash or debit card. Some Bitcoin ATMs offer bidirectional functionality, enabling both the purchase of Bitcoin and the sale of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account to transact on the machine.
History
On October 29, 2013, a Robocoin machine opened in the Waves coffee shop in downtown Vancouver, Canada.[1][2] On December 8, 2013, Europe's first Bitcoin ATM was installed in Bratislava, Slovakia.[3] The first machine in the United States went online on February 18, 2014, in a cigar bar in Albuquerque, New Mexico,[4] though it was removed 30 days later.[5] Months later, in May 2014, the first licensed bitcoin ATM in the U.S. was developed by Coinme[6] and installed at the Spitfire Grill in Seattle, WA.[7]
Canada
In 2014, Canada was the first country to approve regulation of cryptocurrencies,[8] although it took some time to enforce.[9][10] In February 2014, the Finance Minister mentioned plans to introduce anti-money laundering and anti-terrorist financing regulations for virtual currencies such as Bitcoin.[11] In June of that year, the Governor General approved an amendment to Bill C-31 that would treat cryptocurrency businesses as Money Services Businesses (MSBs),[12] and the Department of Finance circulated a draft of the proposed regulations in June 2018.[13] As of July 2020, businesses dealing in virtual currencies are considered MSBs by the Financial Transactions and Reports Analysis Centre of Canada.[14]
In 2018, the Canada Revenue Agency (CRA) commissioned an investigation on Bitcoin ATMs to find out if tax laws were being followed by users.[15] 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] In 2026, the federal government announced plans to ban crypto ATMs.[18]
Europe
As of 2022, there were 1,459 Bitcoin ATMs in Europe with 17 in the United Kingdom.[19] In March, 2022, cryptocurrency ATMs were banned from operating in the UK.[20]
United States
As of November 2025, there were approximately 28,000 cryptocurrency ATMs operating in the United States.[21] More than 16,000 of these were operated by three companies: Bitcoin Depot, CoinFlip, and Athena Bitcoin.[22]
Most U.S. cryptocurrency ATMs charge transaction fees between 6.5% and 20%.[23] Some operators, including Bitcoin Depot and Coin Cloud, have also used exchange rates that are less favorable to customers than prevailing market rates, effectively increasing the cost of transactions by as much as an additional 20%.[24] According to statements made by Bitcoin Depot to investors, the company targeted middle- and lower-income areas for ATM placement while seeking to minimize its own exposure to cryptocurrency price volatility.[24]
Bankruptcies
Several cryptocurrency ATM operators have entered bankruptcy proceedings.
In February 2023, Cash Cloud, the operator of the Coin Cloud ATM network, filed for bankruptcy following its exposure to Genesis Capital and the cryptocurrency market downturn that began in 2021.[25][26]
In December 2025, Valuto, Inc., which operated the CoinMover Bitcoin ATM network in most New England states and California, filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court for the District of Massachusetts.[27]
In May 2026, Bitcoin Depot filed for Chapter 11 bankruptcy protection and ceased operations at more than 9,000 cryptocurrency ATMs, citing a "hostile regulatory environment" and an "unsustainable" business model.[28]
Bitcoin of America
Bitcoin of America was a cryptocurrency ATM network operated by S and P Solutions, LLC. In an August 2022 letter to the California Department of Financial Protection and Innovation, the company said it operated approximately 2,500 kiosks in more than 30 states and described itself as the fourth-largest cryptocurrency kiosk deployer in the United States.[29]
In March 2023, Ohio authorities announced criminal charges against S and P Solutions and its founder, Sonny Meraban, in connection with the operation of Bitcoin of America kiosks in Northeast Ohio. Authorities seized 52 of the company's kiosks in Cuyahoga and Lorain counties.[30] Bitcoin of America announced that it had ceased operations in March 2023.[31]
In May 2023, the Connecticut Department of Banking announced a settlement with Bitcoin of America over its operation of virtual-currency kiosks without the required money-transmitter license. The company provided $86,000 in restitution to four Connecticut consumers who had lost money to scams involving its kiosks.[32]
In November 2023, Meraban pleaded guilty to two counts of receiving stolen property, two counts of license requirement violations, and one count of possessing criminal tools, all felonies. As part of the case, he was required to surrender approximately 104.84 bitcoin, then valued at about $4 million, as well as other assets and restitution to several victims.[30] He was subsequently sentenced to five years of probation.[31]
Current Environment
Several analysts and regulators have compared U.S. bitcoin ATMs to payday loan businesses, arguing that both can increase the cost of poverty by charging comparatively high fees to consumers with limited access to mainstream financial services.[24][23]
Some cryptocurrency ATMs used in the United States are manufactured overseas. The Czech company General Bytes, for example, has sold thousands of machines to U.S. operators.[33] Cryptocurrency transactions are also available through other retail networks. Through Coinme, bitcoin can be exchanged in the United States for local currency at participating MoneyGram locations and Coinstar machines.[34]
State regulation of cryptocurrency ATMs increased substantially in 2026. Indiana prohibited the operation of virtual-currency kiosks in March 2026.[35] Tennessee subsequently enacted Public Chapter 766, which prohibits the installation and operation of virtual-currency kiosks in the state. The law took effect July 1, 2026, and makes a knowing violation a Class A misdemeanor.[36] Minnesota enacted a statewide prohibition on virtual-currency kiosks effective August 1, 2026, with operators required to remove publicly accessible kiosks by December 31, 2026.[37]
South Africa
In South Africa, ATMs accept the Rand (ZAR) and transactions over 10,000ZAR ($667) require ID verification. These ATMs are mostly found in Cape Town, Durban, Johannesburg and Pretoria.[citation needed]
Compliance
According to AML/KYC standards applicable in the jurisdiction where their ATMs are placed, Bitcoin ATM operators need to adjust the limits on deposits and withdrawals.[citation needed] In some jurisdictions, this requires a money transmitter license.
In the United States, the Bank Secrecy Act (BSA) requires Bitcoin ATM operators to establish and maintain an effective written anti-money laundering program reasonably designed to prevent ATM machines from being used to facilitate money laundering and the financing of terrorist activities.[38] Bitcoin ATM operators must be registered as Money Service Businesses and are regulated by the Financial Crimes Enforcement Network.[39]
In March 2022, the Financial Conduct Authority (FCA) in the United Kingdom declared that all cryptocurrency ATMs in the country were illegal and would need to be shut down. None of the ATM's operators had successfully registered with the agency. The FCA cited a failure to comply with know your customer laws (KYC), which track and prevent money laundering, as well as the high risk to customers, due to a lack of regulation and protection. At the time, Coin ATM Radar listed 81 such ATMs in the country.[40][41]
See also
References
- ↑ Wagner, Kurt (31 October 2013). "World's First Bitcoin ATM Opens In Vancouver, Canada". Mashable. Retrieved 9 February 2014.
- ↑ McMillan, Robert (2013-10-28). "World's First Bitcoin ATM Arrives at Coffee Shop, Goes Live Tomorrow". Wired. ISSN 1059-1028. Retrieved 2020-08-11.
- ↑ "The First In Europe – Hunting Down Europe's First Bitcoin ATM In Bratislava, Slovakia". 52insk.com. 2017-06-16. Archived from the original on 2021-11-15. Retrieved 2018-08-31.
- ↑ Brodkin, Jon (18 February 2014). "Bitcoin ATM goes live in Albuquerque, more coming to Austin and Seattle". Ars Technica. Retrieved 19 February 2014.
- ↑ "Bitcoin ATM yanked after brief debut". CNET.
- ↑ Parkhurst, Emily (May 1, 2014). "America's first licensed bitcoin ATM opens in Seattle; privacy concerns could keep people away". www.bizjournals.com. Archived from the original on 2014-05-04. Retrieved 2021-10-24.
- ↑ "Meet your Bitcoin ATM: Digital currency craze hits Seattle, with help from startup vets". GeekWire. 2014-05-01. Retrieved 2021-10-24.
- ↑ "Blockchain Laws and Regulations | Canada | GLI". GLI - Global Legal InsightsInternational legal business solutions. Retrieved 2020-08-11.
- ↑ Canada, Financial Transactions and Reports Analysis Centre of (2014-12-01). "FINTRAC Policy Interpretations - Money services businesses". www.fintrac-canafe.gc.ca. Archived from the original on 2019-12-24. Retrieved 2020-08-11.
- ↑ "FINTRAC Advisory regarding Money Services Businesses dealing in virtual currency". Fintrac-canafe.gc.ca. Archived from the original on 2014-08-02. Retrieved 2016-11-22.
- ↑ "Bitcoin Survey". Loc.gov. Retrieved 2016-11-22.
- ↑ Ahmad, Tariq (June 2018). "Regulation of Cryptocurrency". www.loc.gov. Retrieved 2020-08-11.
- ↑ "Canada Gazette, Part I, Volume 152, Number 23: Regulations Amending Certain Regulations Made Under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, 2018". gazette.gc.ca. 9 June 2018.
- ↑ "The difference between money services businesses and foreign money services businesses". 12 March 2022.
- ↑ "CRA surveyed businesses to find out why they're taking bitcoin ATMs | CBC News".
- ↑ "Bitcoin Automated Teller Machines (ATMs) in Canadian Businesses". 12 October 2018.
- ↑ Denis, Jen St (2019-06-04). "Vancouver considering a ban on Bitcoin ATMs — which police say are 'ideal' for money laundering". The Toronto Star. Retrieved 2020-08-11.
- ↑ Brockbank, Nicole; King, Angelina (April 28, 2026). "Federal government plans to ban crypto ATMs to stop scammers from defrauding Canadians". CBC News. Archived from the original on April 29, 2026. Retrieved May 26, 2026.
- ↑ "The FCA and Crypto ATMs". www.rahmanravelli.co.uk. Retrieved 2026-03-04.
- ↑ "Bitcoin cash machines ordered to shut down in UK". www.bbc.com. 2022-03-11. Retrieved 2026-03-04.
- ↑ Fozi, Cameron; Rosenberg, Chloe; Hashimoto, Reeno (2025-11-17). "How Fraudsters Use Cryptocurrency A.T.M.s to Target Victims". The New York Times. ISSN 0362-4331. Retrieved 2026-03-04.
- ↑ "Americans are losing millions to scammers at crypto ATMs. Here's how companies profit". CNN. Retrieved 2026-03-04.
- 1 2 Luthi, Susannah (6 July 2022). "Why Bitcoin ATMs are Vexing Rulemakers". POLITICO. Retrieved 31 January 2023.
- 1 2 3 Knight, Sam (29 January 2023). "Bitcoin ATM Companies Are Preying on the Poor". Truthout. Retrieved 31 January 2023.
- ↑ Ropek, Lucas (11 February 2023). "Bitcoin ATMs Are About to Become a Lot More Scarce". Gizmodo. Retrieved 4 March 2023.
- ↑ Kim, Crystal (9 February 2023). "Crypto winter comes for bitcoin ATM operator". Axios. Retrieved 4 March 2023.
- ↑ "CoinMover (Valuto Inc) Files Chapter 7 Bankruptcy in Massachusetts". Bitcoin ATM News. 12 January 2026. Retrieved 8 August 2026.
- ↑ "Crypto ATM Operator Bitcoin Depot Files for Chapter 11 Bankruptcy". Decrypt. 2026-05-18. Retrieved 2026-05-18.
- ↑ "Comment Letter – Crypto Asset-Related Products and Services" (PDF). California Department of Financial Protection and Innovation. 3 August 2022. Retrieved 9 August 2026.
- 1 2 Richmond, Matthew (2 March 2023). "Cryptocurrency ATM owner, others indicted for enabling profitable scams". Ideastream Public Media. Retrieved 9 August 2026.
- 1 2 "How Crypto ATMs in the U.S. Became A Favorite Tool for Scammers". Organized Crime and Corruption Reporting Project. Retrieved 9 August 2026.
- ↑ "Banking Commissioner Announces Settlement with Bitcoin of America". Connecticut Department of Banking. 22 May 2023. Retrieved 9 August 2026.
- ↑ "Bitcoinmat nemá jen Alza: seznam automatů na bitcoiny" [Bitcoinmat doesn't just have Alza: a list of bitcoin machines]. E15.cz (in Czech). Retrieved 2018-02-27.
- ↑ Nunez, Adriana. "MoneyGram is re-entering the crypto scene with a Coinme partnership". Business Insider. Archived from the original on 2021-05-13. Retrieved 2021-10-24.
- ↑ "Emergency Declaration law ends Cryptocurrency ATM use in Indiana — sidelining about 800 units". Indiana Public Radio. 17 March 2026. Retrieved 9 August 2026.
- ↑ "Virtual Currency Kiosks". Tennessee Department of Financial Institutions. 4 June 2026. Retrieved 9 August 2026.
- ↑ "Virtual currency kiosks to be banned in the state". Minnesota House of Representatives. Retrieved 9 August 2026.
- ↑ "Operating Bitcoin ATM Business in the US: MTL & AML/BSA Guide". 18 February 2021.
- ↑ "Application of FinCEN's Regulations to Certain Business Models Involving Convertible Virtual Currencies" (PDF). Retrieved 12 July 2024.
- ↑ Moon, M. (11 March 2022). "UK's financial regulator orders shutdown of all Bitcoin ATMs". Engadget. Retrieved 11 March 2022.
- ↑ Titcomb, James (11 March 2022). "Bitcoin cashpoints forced to shut down after being declared illegal". The Telegraph. Retrieved 11 March 2022.
External links
Media related to Bitcoin ATMs at Wikimedia Commons
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