Crypto ATMs are becoming increasingly popular in the United States, despite criticism for illegal or predatory behavior. These ATMs convert Bitcoin and other cryptocurrencies or stablecoins into or out of fiat, and usually charge a fee of 15-16%. The report identified four user groups for crypto ATMs, including cash users, older people, those motivated by convenience, and those seeking anonymity.Crypto ATMs require identification and are subject to state and federal regulation, including Anti-Money Laundering. This can be a major source of overhead costs for the operators, although regulatory compliance is sometimes low in the industry. Minority groups and immigrants make up a significant user group for the ATMs, as they often use them for remittances.The crypto ATM industry is often accused of predatory inclusion, as uneducated crypto investors may suffer substantial losses. Chainalysis data shows that victims of scams moved $345 million through crypto ATMs in 2022. The industry’s role in facilitating money laundering and scams may pose significant risks to the public.Despite a COVID-related industry downturn, the crypto ATM industry is clearly growing. Operator Bitcoin Depot went public in July and saw a significant revenue jump.

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Information	Details
Geography	North America
Countries	🇺🇸 🇬🇧
Sentiment	neutral
Relevance Score	8
People	Bitcoin Depot, Franklin Noll
Companies	Federal Reserve Bank of Kansas City, UK FCA, Bitcoin Depot, Anti-Money Laundering, Chainalysis
Currencies	Ethereum, US Dollar, Bitcoin, DeFiato, Stablecoin
Securities	None