UK Financial Regulator Takes Action on Unlicensed Crypto ATMs

Previously, based on data from the cryptocurrency automatic teller machine (ATM) website, Coin ATM Radar, more than 3,600 crypto ATMs went offline in March. Since the end of 2022, the number of crypto ATMs has decreased by 13.91 percent in the last three months.

According to data from Coin ATM Radar, the number of crypto ATMs worldwide has fallen by 13.91 percent since December 2022. At that time, 39,179 crypto ATMs were installed globally.

In January, 1,587 crypto ATMs went offline, marking the second time a large number of machines have gone offline since the loss of 399 crypto ATMs in September 2022. In February 2023, the decline in crypto ATMs was less drastic than in January and fewer than withdrawals in September.

A total of 275 cryptocurrency ATMs went offline in February. According to Coin ATM Radar statistics, the biggest drop was recorded in March, which saw a drop of 3,627 crypto ATMs.

Losses in March coincided with the recent General Bytes hack that occurred on March 17 and 18, which resulted in the theft of more than USD 1.5 million or IDR 22.57 billion (assuming exchange rate IDR 15,052 per US dollar) in crypto. According to statistics as of April 1, 2023, there are currently 33,728 crypto ATMs installed worldwide.

General Bytes machines account for 28.5 percent of all machines globally, and devices manufactured by Bitaccess represent 20.2 percent market share. Genesis Coin ATMs represent 17 percent of machines worldwide, while Coincloud devices account for 12.7 percent.

As of Saturday, April 1, 2023, the United States has the most number of crypto ATMs in the world, followed by Canada, Australia and Spain. More than 28,000 crypto ATMs are located in the United States, while Canada hosts more than 2,600.

Looking at the crypto ATM manufacturing growth data, Bitaccess is experiencing a decline, while General Bytes’ growth is on the rise. Genesis Coin also saw a drop, but much less than Bitaccess did between February and March.

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