Spokane Imposes Ban on Cryptocurrency ATMs

Spokane, Washington, has enacted a complete ban on cryptocurrency ATMs, highlighting growing concerns over scams linked to these machines, according to a new city council ordinance.

The ban mirrors an evolving regulatory trend as authorities nationwide react to escalating crypto ATM fraud, impacting market accessibility and consumer protection.

Spokane Leads with Landmark Crypto ATM Prohibition

Spokane, Washington, now prohibits cryptocurrency ATMs after the City Council unanimously passed Ordinance C36704, citing rising fraud concerns. Paul Dillon, City Council Member, Spokane City Council remarked, “This ordinance will protect vulnerable Spokane residents from scams involving virtual currency kiosks, and I am proud we are the first city in the state to move this legislation forward.” The FBI’s report showing nearly $5.6 billion in U.S. losses factored into the decision. Detective Tim Schwering of the Spokane Police Department underscored the loss many residents faced, calling it a first step in public protection. The ordinance requires operators to remove ATMs as 80% of the world’s machines are in the U.S. No U.S. states have yet matched Spokane’s action, but discussions are ongoing in other jurisdictions. Spokane bans virtual currency kiosks for public safety.

As a result of the ordinance, all cryptocurrency ATMs must be removed from the city, setting a precedent for other municipalities considering similar actions.

Coincu analysts see potential shifts in how regulatory frameworks target crypto infrastructure, with emphasis on differences in state vs. federal responses. This could spur modifications to crypto service operations nationally.

Bitcoin’s Current Market Trends Amid Regulatory Changes

Did you know? Spokane is the first major U.S. city to enact a complete ban on cryptocurrency ATMs, highlighting a growing trend toward stricter regulations amid rising fraud concerns.

Bitcoin (BTC), trading at $90,525.39 with a market cap of $1,808,182,628,273.09, shows a slight 3.37% 24-hour increase per CoinMarketCap. A 67.97% drop in trading volume accompanies its 90-day 21.49% decrease. The circulating supply is 19,974,315 BTC, nearing its max of 21,000,000.

Coincu analysts see potential shifts in how regulatory frameworks target crypto infrastructure, with emphasis on differences in state vs. federal responses. This could spur modifications to crypto service operations nationally.