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Spokane City, Washington, Bans Crypto ATMs Following a Surge in Crypto Crimes
- Authorities in Spokane City, Washington, have imposed a ban on crypto ATMs due to a surge in crypto crimes.
- The Spokane City Council unanimously voted to remove all crypto ATMs from the city within the next 60 days.
- The decision to ban crypto ATMs was driven by an increase in scams targeting residents of Spokane.
- Council members introduced an ordinance titled 'Virtual Currency Kiosk Prohibition for a Safer Spokane' to address rising crypto crimes.
- The Spokane Police Department will ensure compliance with the ban and monitor its impact on scam-related crime rates.
- Operators failing to remove the kiosks within 60 days may face penalties, including license revocation.
- Spokane currently has over 40 crypto ATMs, as per data from Coin ATM Radar.
- Scammers impersonated law enforcement officers to coerce victims of crypto fraud related to these kiosks.
- The FBI reported over 11,000 cases of ATM crypto crimes in the US in 2024, with victims primarily being over 60 years old.
- States like North Dakota and Nebraska are implementing regulations to combat crypto kiosk-related scams.
- North Dakota's House Bill 1447 proposes a $2000 daily transaction cap and mandatory use of blockchain analytics by ATM operators.
- Nebraska's Controllable Electronic Record Fraud Prevention Act enforces licensing for ATM operators and provides full refunds to fraud victims.
- Authorities aim to protect vulnerable residents from cryptocurrency scams through the ban on crypto ATMs.
- The ongoing trend of banning crypto kiosks in various US states reflects the increasing severity of crypto-related crimes.
- The ban in Spokane is the city's effort to safeguard residents from exploitation by scammers through crypto ATMs.
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