US crypto ATM network shrinks by 1,233 machines

The U.S. cryptocurrency ATM network experienced a significant reduction in early March, with over 1,200 machines going offline, following the introduction of a bill aimed at curbing fraud in the sector.

This sudden decline occurred just days after Illinois Senator Dick Durbin proposed the Crypto ATM Fraud Prevention Act, which seeks to prevent scams and empower law enforcement to track illicit transactions.

Despite the loss, the U.S. remains home to the world's largest crypto ATM network, hosting 29,731 machines as of March 3, representing nearly 80% of all crypto ATMs globally.

The global crypto ATM market has faced stagnant growth since mid-2022 due to evolving regulations and crackdowns on unregistered businesses.

Senator Durbin's legislation aims to require operators to warn users about scams and implement measures to minimise financial losses.

The U.S. crypto ATM market is projected to grow significantly, reaching $3,985.2 million by 2033, driven by increased adoption and technological advancements.

As of January 2025, the Bitcoin (CRYPTO:BTC) ATM market saw a modest growth of over 2%, with the U.S. adding 888 new machines.

The global crypto ATM market is expected to reach $8,857.88 million by 2032, growing at a CAGR of 62.5%.

The sudden closure of crypto ATMs in the U.S. was partially offset by new installations in other regions, including Europe and Canada.

As Senator Durbin noted, the proposed legislation is crucial for preventing fraud and ensuring user safety in the crypto ATM sector.