Each month more and more crypto ATMs are removed from the market.
Crypto ATMs (also known as Bitcoin ATMs), automated teller machines or kiosks that allow customers to purchase Bitcoin (BTC) or other cryptocurrencies in exchange for cash, have seen a decline in deployment across the globe.
According to the data obtained by Coin ATM Radar, Bitcoin ATM net chart shows that since the beginning of 2023, more ATMs were pulled out of the market than installed.
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In January 2023, the global crypto ATM network lost at least 289 crypto ATMs, while in February, approximately 123 ATMs were removed from the grid.
This is not the first time in the past six months that this has happened. In September 2022, around 800 Bitcoin ATMs were removed from the market. At that time, the United States was taking the lead. This time is no different.
In the United States, the crypto ATM net started going downhill in December. At that time, at least 18 Bitcoin ATMs were removed from the network. In 2023, the numbers continued to decline. The ratio of installed and uninstalled crypto ATMs was the lowest in January, with -368 ATMs, while in February, it was -130 crypto ATMs.
At the beginning of March, there were 37,767 crypto ATMs installed across the globe. The majority of Bitcoin ATMs, or around 86%, are installed in the United States. Canada is the second country with the most crypto ATMs. Third is Australia, followed by Spain and El Salvador.
It is believed that the decrease in crypto ATM installations was caused by geopolitical tension, crypto market turmoil, lack of regulatory clarity around crypto, and other factors.
While it appears that the United States is taking a strict stance against crypto ATMs, this may soon change. The United Kingdom Financial Conduct Authority (FCA) was planning to take action against unregistered crypto ATMs.