The Rise and Decline of Bitcoin ATMs

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Bitcoin automated teller machines (ATMs) have experienced a volatile journey in the few past years. These ATMs enable individuals to purchase and sell digital currencies through cash transactions. At the height of their popularity in 2022, almost 39,000 bitcoin ATMs were available globally. However, the figure has gradually decreased since then.

According to data compiled by, Radars’ Bitcoin ATM Market Dynamics, the 33,551 bitcoin ATMs in the U.S. contributed mainly to the nearly 38,603 active cryptocurrency ATMs worldwide at the end of December 2022. Although, this number has since fallen by over 2.9% (nearly 1000 crypto ATMs) to 32,546 as of March 2023. 

This decline can be attributed to several factors, including increased regulatory scrutiny and the rise of competition from digital payment platforms.

In one such case, owner and founder, Sonny Meraban, manager Reza Meraban, and company attorney William Suriano of Bitcoin of America (U.S.) were arrested this month following an investigation by the Cyber Fraud and Money Laundering Task Force of the Secret Services. The company is charged with operating 52 unlicensed cryptocurrency ATMs in Ohio and committing crimes like conspiracy and money laundering.

In addition to regulatory hurdles, Bitcoin ATMs are also facing tough competition from digital payment services like PayPal and Square. These online platforms offer users the ability to buy and sell cryptocurrencies without the need for a physical ATM, which can be a more convenient option for investors.

Although there are several obstacles, some operators of bitcoin ATMs are flourishing. CoinFlip, which happens to be one of the most prominent bitcoin ATM operators in the United States, has experienced a remarkable expansion in the last few years. The company installed nearly 4,000 cryptocurrency ATMs across the United States as of December 2022.

Flourishing bitcoin ATM companies like CoinFlip owe their success to various factors, such as prioritizing adherence to AML/KYC guidelines and providing a user-friendly platform. Moreover, the company’s support for an extensive collection of cryptocurrencies, which includes Bitcoin, Ethereum, and Litecoin, has also contributed to its success.

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