
Bitcoin ATMs are emerging around the globe, witnessing a notable 6% rise in 2024, indicative of the increasing mainstream acceptance of cryptocurrency.
The proliferation of Bitcoin ATMs is facilitating easier transactions for buying and selling cryptocurrencies. Recent findings confirm the continuation of this trend. Similar to conventional ATMs, Bitcoin ATMs enable users to deposit cash into their crypto wallets, streamlining the entire process.
So, what are Bitcoin ATMs? These devices function like standard ATMs but are specifically designed for handling cryptocurrencies. Users can purchase Bitcoin (BTC) and sometimes other tokens using either cash or a bank card. Certain machines also permit the sale of crypto for cash, although the associated fees are typically higher than those for purchases.
The inaugural Bitcoin ATM was launched in Vancouver, Canada, in 2013, marking a significant step towards making cryptocurrencies more accessible. Since then, the number of Bitcoin ATMs has surged, exceeding 37,500 units across over 70 countries. Per the latest research by Finbold, which references data from Coin ATM Radar, 2024 represented a remarkable year, achieving a 6% growth in Bitcoin ATMs.

Bitcoin ATMs Predominantly Found in the US
The United States remains the frontrunner in Bitcoin ATMs, accounting for over 81% of the worldwide market share. As of January 13, there were over 31,500 Bitcoin ATMs in the U.S., reflecting an increase of more than 1,000 machines since the beginning of 2024. The global count reached 38,768, recovering from a slump in mid-2023 when numbers dropped to around 33,000.
While Europe has a smaller footprint in the Bitcoin ATM market, its presence is steadily increasing. Although not as substantial as the U.S. market, Europe’s number of ATMs has been consistently growing, even amidst cryptocurrency downturns. In 2024, the region saw the addition of 116 new machines, marking a 7.5% increase from 2023. This consistent rise is notable, especially as many regions faced declines during the cryptocurrency winter, according to the report.
The majority of the ATM expansion in 2024 occurred in the initial half of the year. By late April, 1,942 new machines had been installed globally, averaging 485 machines each month from January to April. However, growth decelerated in the latter half, with merely 34 machines added monthly between May and December. This decline occurred despite Bitcoin reaching new all-time highs in November, nearing a price point of $100,000.
Varied Regulatory Approaches
In many jurisdictions, Bitcoin ATMs operate legally, yet the regulatory landscape differs significantly. In the U.S., for instance, these machines are governed by the Financial Crimes Enforcement Network. Operators are required to register as money services businesses and comply with AML and KYC regulations for larger transactions. On a state level, operators typically need to obtain a money transmitter license and adhere to consumer protection statutes such as fee transparency and data safety. Local zoning regulations may also influence the operations of crypto ATMs.
Globally, regulation of crypto ATMs varies by nation, with the U.K.’s Financial Conduct Authority enhancing its oversight. In September 2024, crypto.news reported that Olumide Osunkoya, based in London, pleaded guilty to multiple offenses for operating an unlawful network of crypto ATMs across the U.K., marking the nation’s first conviction of this nature.
Earlier that year, in August, German authorities seized 13 crypto ATMs and confiscated nearly $28 million in cash from 35 locations nationwide. This operation, led by BaFin, targeted machines operating without the necessary licenses, raising concerns about potential money laundering.
Surge in Bitcoin ATM Scams, with Older Adults Most Affected
While the majority of Bitcoin ATMs are managed by reputable companies, regulators express concerns about their potential use in fraudulent activities or money laundering. Recent data from the Federal Trade Commission indicates a significant escalation in the amount consumers claim to have lost to scams involving Bitcoin ATMs. Reported losses have surged nearly tenfold since 2020, surpassing $110 million in 2023.
The Federal Trade Commission also found that fraud losses associated with Bitcoin ATMs exceeded $65 million during the first half of 2024. Notably, individuals aged 60 and above were more than three times more likely to fall victim to these scams compared to younger demographics. Across all ages, the median loss reached an alarming $10,000, with most scams involving impersonation tactics related to government, businesses, and tech support, according to the FTC.