Washington’s second-largest city, Spokane, has decided to ban all crypto ATMs due to growing concerns about scams that have affected local residents.
The City Council voted unanimously to approve the ban, according to a statement published on June 16.
The new rule not only blocks the installation of new crypto ATMs but also requires the removal of all existing machines within 60 days. If operators fail to do so, they could lose their business licenses or face other penalties.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is an NFT? (Explained with Animations)
The city plans to monitor scam reports to determine if removing the machines results in fewer cases.
The decision was led by Council member Paul Dillon, who told The Spokesman-Review that these machines are being used by scammers to trick people out of their money. The goal of the ban is to protect residents from being targeted through these kiosks.
Local police reported that many scams involve criminals pretending to be government agents or law enforcement officers. They convince victims that they must transfer money using crypto ATMs to avoid trouble or protect their savings.
Detective Tim Schwering explained that once the money is converted to crypto, it often ends up in foreign countries. City officials also noted that these kiosks are often found in lower-income areas, such as corner stores or small markets.
On June 10, Connecticut passed a new law banning all public crypto holdings and payments. What does the law include? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
