The rising threat of crypto scams is leading to lawmakers to pursue enforcing legislation that gets crypto ATMs across the U.S banned. | Credit: Chris McGrath / Getty Images.
Share
Key Takeaways
The U.S., Canada, and Australia, leaders in Bitcoin ATM installations, are also seeing a sharp rise in crypto-related scams, particularly those targeting older adults and first-time users.
Australia has responded with strict new rules to combat the rising trend; similar legislation is being proposed elsewhere.
In 2023 alone, Americans lost over $114 million to Bitcoin ATM scams, while Australians lost over A$3.1 million in just one year.
As cryptocurrency continues its steady march into the financial mainstream, the global spread of Bitcoin ATMs has become both a symbol of accessibility and a growing concern for regulators.
The United States, Canada, and Australia currently lead the world in Bitcoin ATM installations.
However, data has shown that this convenience comes with rising risks, as crypto-related scams increase at an alarming rate.
Global Crypto ATM Landscape
According to data from CoinATMRadar, the U.S. hosts a staggering 30,433 Bitcoin ATMs, far outpacing any other country.
Canada follows with 3,610, and Australia holds third place with 1,824.
Country
Number of Bitcoin ATMs
U.S.
30,432
Canada
3,610
Australia
1,827
Spain
386
Poland
309
Italy
222
These machines, which allow users to convert cash into cryptocurrency and vice versa, offer an easy entry point for new users.
However, critics argue that they also serve as an accessible tool for scammers.
In 2024, blockchain intelligence firm TRM Labs reported that Bitcoin ATMs had processed at least $160 million in illicit transactions since 2019.
In 2023 alone, scams in the cash-to-crypto space, dominated by crypto ATMs, accounted for 1.2% of total volume, nearly double the 0.63% scam rate across the broader crypto industry.
Bitcoin ATM Scams on the Rise
Although it’s difficult to determine which country experiences the most Bitcoin ATM scams, data shows that the U.S., Canada, and Australia are all contending with significant fraud.
In the U.S., the Federal Trade Commission (FTC) reported that Americans lost over $114 million to Bitcoin ATM scams in 2023, a nearly tenfold increase since 2020.
Older adults are especially vulnerable. Individuals aged 60 and older were over three times more likely to fall victim than younger adults.
In June 2024, Texas police intervened when a bystander noticed a 73-year-old woman depositing $23,900 into a crypto ATM.
A similar case occurred on May 30, 2025, in Lakeville, where another 73-year-old woman withdrew $20,000 at a scammer’s instruction but was stopped by police before completing the transaction.
In Canada, although there are fewer ATMs, the impact is still significant.
In 2023, residents of Prince Edward Island alone reported $193,100 in cryptocurrency scam losses to the Royal Canadian Mounted Police (RCMP).
Australia Takes Action
Australia has seen rapid growth in crypto ATM installations, jumping from 23 machines in 2019 to over 1,800 in 2025. Unfortunately, this expansion has also been matched by a sharp increase in scams.
Between January 2024 and January 2025, Australians lost more than A$3.1 million to cryptocurrency ATM fraud, according to the Australian Federal Police.
In response, AUSTRAC, the country’s financial crime agency, has implemented stricter regulations:
A$5,000 cap on cash deposits and withdrawals per transaction.
Mandatory identity verification for customers making transactions over A$50,000 within seven days or for those aged 55 and older.
Mandatory display of scam warnings on ATMs, including alerts about romance scams, impersonation fraud, and payment scams.
Regulatory Responses Elsewhere
Australia’s aggressive stance on crypto ATM regulation is beginning to reverberate globally, with other countries now looking to implement similar safeguards to curb rising scams.
As losses tied to cryptocurrency ATMs continue to mount, lawmakers in the U.S. are taking notice, pushing for federal rules that mirror Australia’s newly enforced rules.
Senator Dick Durbin of Illinois, along with three House members, introduced the Crypto ATM Fraud Prevention Act in February. If passed, it would impose restrictions similar to those recently enacted in Australia.
The bill proposes:
A $2,000 daily transaction limit for new users, and a $10,000 cap over their first 14 days.
Mandatory live, verbal confirmations for transactions over $500 by new users.
Prominent scam warnings on all Bitcoin ATMs.
Printed receipts for every transaction.
Unlike countries such as the U.S. and Australia, the U.K. currently has no legally operating cryptocurrency ATMs.
The Financial Conduct Authority (FCA) declared that all crypto ATMs in the UK are illegal unless registered, and to date, none have met the necessary regulatory requirements.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
