The proliferation of crypto ATMs worldwide has reached over 32,500, as reported by the Financial Times. These machines provide the general public with the ability to effortlessly convert conventional fiat currency into cryptocurrencies and vice versa, mirroring the convenience typically associated with traditional bank ATMs.
One European operator, “Shitcoins Club,” boldly declares its mission to empower individuals to circumvent conventional banking systems, highlighting the unconventional nature of the sector.
Despite Regulatory Scrutiny, Crypto ATMs See Continued Expansion
In the face of regulatory efforts by authorities in the US and UK, including the Financial Conduct Authority, the number of crypto ATMs has continued to surge.
As of October 2023, the global count of crypto ATMs has exceeded 32,500, displaying a consistent upward trend since the summer, as reported by data from AltIndex.
Interestingly, some operators have adopted an anti-banking stance, underscoring their aspiration to break away from the influence of the conventional financial system. This sentiment harks back to the early days of cryptocurrency when it was seen as a revolutionary catalyst challenging the supremacy of major banks.
Despite the transformations in the crypto landscape, proponents of crypto ATMs remain resolute in their commitment to their cause.
Bitgamo’s Ambitious Plan: Adding 90 More Crypto ATMs in 2024
Bitgamo, a Luxembourg-based operator, offers a unique virtual crypto ATM service that allows users to convert tokens into cash online, all without the hassle of undergoing Know Your Customer (KYC) or Anti-Money Laundering (AML) checks.
Furthermore, Bitgamo provides a distinct solution for users residing in countries with stringent crypto regulations. This solution permits them to transfer funds from an offshore bank account that has no ties to cryptocurrency, placing a strong emphasis on maintaining user privacy.
Gabriel Weber, the director of communications at Bitgamo, has made it clear that Luxembourg’s legal framework provides more flexibility in comparison to many other countries, as they are not obligated to request KYC information from their clients.
In terms of the origin of funds being converted into cryptocurrency, Bitgamo firmly asserts that their role is solely to facilitate exchanges, and they will not collaborate with authorities unless compelled by a court order.
Despite the challenges posed by the regulatory landscape, Bitgamo is committed to an expansion strategy, with plans to deploy approximately 90 physical ATMs in the upcoming year.
Weber also pointed out the company’s substantial daily transaction volume, which surpasses 50 million transactions.
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