Economics of Bitcoin ATM market could hinder wider adoption
Bitcoin of America’s shutdown in Connecticut highlights the obstacles for companies operating crypto ATMs.
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Bitcoin of America’s shutdown in Connecticut highlights the obstacles for companies operating crypto ATMs.
In the first four months of 2023, the net crypto ATMs worldwide declined by 5,850. In May, however, 1,397 machines were added back to the global crypto ATM network.
The FCA's actions followed similar operations in East London and Leeds, where the regulator said it had issued warnings or cease-and-desist requests to suspected ATM operators.
Asia, which includes major economies such as China, Japan, Singapore and India, hosts 355 crypto machines, representing 1% of the total crypto ATMs installed worldwide.
With 3,627 crypto ATMs going down last month, March 2023 becomes the month with the largest monthly decline of crypto ATMs.
Bybit is set to roll out Mastercard-powered debit cards, allowing users to pay for goods and services with cryptocurrency holdings.
For more than a year, between December 2020 to January 2022, more than 1000 crypto and Bitcoin ATMs were being installed every month.
According to FCA, all crypto ATM operators in the United Kingdom are currently illegal because none of them is registered with the regulator.
The company was in “hyper-growth” in January 2022, now it has over 5,000 creditors and debts over $100 million; bankrupt Genesis is its largest creditor.
Brits can now withdraw physical cash for GBPT, a one-for-one pound sterling stablecoin, as well as other cryptos at ATMs in the United Kingdom.