FinCEN has issued a warning about a surge in frauds involving Bitcoin ATMs, with losses amounting to almost 247 million USD in 2024. Scammers primarily exploit older individuals through tech support scams that guide them to use these ATMs.
Countries are taking action against these fraudulent activities. For example, New Zealand plans to implement a complete ban on Bitcoin ATMs. Increased oversight is deemed necessary to reduce anonymity and fraud in crypto transactions.
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