Key Takeaways
- Governor JB Pritzker is expected to propose a new round of ATM measures to crack down on their links with illicit activity.
- Global financial regulators have expressed concerns about crypto ATMs’ unregulated and anonymous nature.
- Crypto ATMs have moved millions in illicit transactions since 2019.
Illinois Governor JB Pritzker is reportedly set to propose a new series of measures to curb the rapid rise of illegal crypto ATMs.
However, links between crypto ATMs and illicit activities have presented a growing challenge for law enforcement agencies.
Proposed U.S. ATM Crackdown
According to a fact sheet viewed by the Chicago Sun-Times, at the State of the State address, Pritzker is expected to propose ATM measures that his administration says will help crack down on the scamming and money-laundering challenges of the crypto industry.
The Chicago Sun-Times reported that these measures include requiring receipts for the dollar value collected from ATMs, enforcing daily transaction limits, and capping fees to prevent extra unlawful charges.
“When left unregulated, crypto kiosks are often used as tools for scams that victimize the most vulnerable Illinoisans,” Pritzker said in a fact sheet.
“Those who are harmed by these scams have little or no ability to seek restitution or justice because of the unrestricted nature of these ATMs […] In addition, the ATMs are a common tool in laundering money for drug transactions and other illegal activities,” Pritzker added.
According to the fact sheet, the proposal would enforce the “same common-sense registration and regulation requirements that already exist for financial institutions across the state.”
Last year, lawmakers in Illinois proposed regulations to force crypto ATMs to register kiosks with the state. However, the proposed legislation never made it to vote in the Senate, according to the Chicago Sun-Times.
“If passed into law, we can stop the flow of crime through these kiosks and better protect Illinois communities, while still allowing legitimate crypto users to conduct transactions as they have been doing,” Pritzker said.
Crypto ATMs on the Rise
Crypto ATMs have been growing in popularity across the globe, allowing people to exchange cash for a crypto of their choice and, in some cases, enabling crypto holders to sell their assets for cash.
Many enthusiasts see ATMs as an accessible onboarding tool, but global financial regulators have expressed concerns about their unregulated and anonymous nature.
The U.S. currently leads the crypto ATM market, with over 29,000 machines installed nationwide, followed by Canada with over 3,000, according to CoinATMRadar.
Australia ranks third globally with a reported 1472 Bitcoin ATMs, marking a significant increase from just 73 in 2020.
However, the rapid increase in Australia has forced some pushback from authorities who have struggled with their links to criminal activity.
According to a 2024 report by TRM Labs, crypto ATMs have moved over $160 million in illicit transactions since 2019.
Crypto ATMs have been banned in the U.K. since 2022.
Trump’s Softer Approach
Despite concerns from other lawmakers, U.S. President Donald Trump has been advocating a softer approach to regulating the crypto industry.
In his first days in office, Trump signed an executive order “to support the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy.”
The order rolled back orders signed by the previous Biden administration, leading the way for Trump’s innovation-first approach.
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.
