The number of crypto ATMs worldwide has soared to over 32,500, as reported by Financial Times. These machines provide a convenient way for individuals to convert traditional fiat money into cryptocurrencies and vice versa, much like standard bank ATMs.
One notable player in the European market is “Shitcoins Club,” an operator that aims to enable people to bypass traditional banking systems. This bold approach highlights the unconventional nature of the crypto ATM sector.
Regulatory Efforts vs. Rising Numbers
Despite efforts from regulators in the US and UK, such as the Financial Conduct Authority, to restrict the expansion of crypto ATMs, their numbers continue to rise. Data from AltIndex shows that as of October 2023, there are over 32,500 crypto ATMs deployed globally, with the figure steadily increasing since summer.
This increase in crypto ATMs is intriguing given that some operators actively promote an anti-banking philosophy. They aim to challenge the dominance of major banks and break free from the traditional financial system’s grasp. This philosophy echoes the early days of cryptocurrency, when it was seen as a revolutionary force.
Proponents Remain Committed
Despite the evolution of the crypto landscape, advocates of crypto ATMs remain dedicated to their mission. Bitgamo, a Luxembourg-based operator, offers a virtual crypto ATM service that allows users to convert tokens into cash online, bypassing Know Your Customer (KYC) or Anti-Money Laundering (AML) checks.
In addition, Bitgamo provides a unique solution for users in jurisdictions with unfriendly crypto regulations. They enable these individuals to transfer funds from an offshore bank account unrelated to cryptocurrency, placing a strong emphasis on privacy.
“Luxembourg provides more flexibility compared to other countries; we are not compelled to request KYC from clients,” says Gabriel Weber, Bitgamo’s director of communications.
Furthermore, Bitgamo takes a firm stance when it comes to the source of funds being converted into cryptocurrency. They emphasize that their role is solely to facilitate exchanges and will only cooperate with authorities if presented with a court order.
Despite facing challenges, Bitgamo is determined to expand in the upcoming year, with plans to deploy approximately 90 physical ATMs. Weber points out that the company’s daily transaction volume exceeds an impressive 50 million transactions.
