Crypto ATMs are continuing to expand globally with over 32,500 installed so far, Financial Times reported.
Crypto ATMs allow everyday individuals to convert traditional fiat money into cryptocurrencies and vice versa, offering a level of convenience akin to standard bank ATMs.
European operator “Shitcoins Club” boldly states that its mission is to enable people to bypass traditional banking systems, underlining the sector’s unconventional approach.
Crypto ATMs Continue to Expand Despite Regulatory Scrutiny
Although regulators in the US and UK, including the Financial Conduct Authority, have made efforts to curtail the expansion of these machines, the number of crypto ATMs has continued to rise.
As of October 2023, there are over 32,500 crypto ATMs deployed worldwide, a figure that has been steadily increasing since the summer, according to data from AltIndex.
Intriguingly, some operators have embraced an anti-banking ethos, emphasizing a desire to break free from the traditional financial system’s grip.
This philosophy harks back to the early days of cryptocurrency when it was perceived as a revolutionary force challenging the dominance of major banks.
Despite the evolution of the crypto landscape, proponents of crypto ATMs remain dedicated to their mission.
Bitgamo to Install 90 More Crypto Atms in 2024
Bitgamo, a Luxembourg-based operator, offers a virtual crypto ATM service that enables users to convert tokens into cash online, bypassing the need for Know Your Customer (KYC) or Anti-Money Laundering (AML) checks.
The company also offers a unique solution for users in countries with unfriendly crypto regulations, allowing them to transfer funds from an offshore bank account unrelated to cryptocurrency, maintaining a strong focus on privacy.
Gabriel Weber, the director of communications at Bitgamo, clarified the company’s stance, stating that the law in Luxembourg provides more flexibility compared to other countries, as they are not compelled to request KYC from clients.
When it comes to the source of funds being converted into cryptocurrency, Bitgamo emphasizes that their role is strictly to facilitate exchanges and they will not cooperate with authorities without a court order.
Despite the challenges, Bitgamo is on an expansion trajectory, with plans to deploy around 90 physical ATMs in the upcoming year.
Weber highlighted the company’s substantial daily transaction volume, which exceeds 50 million transactions.
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