{"id":50271,"date":"2023-05-23T05:24:54","date_gmt":"2023-05-23T09:24:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=50271"},"modified":"2023-05-23T05:25:29","modified_gmt":"2023-05-23T09:25:29","slug":"bitcoin-of-america-shuts-down-crypto-atms-operation-in-connecticut","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-of-america-shuts-down-crypto-atms-operation-in-connecticut\/","title":{"rendered":"Bitcoin of America Shuts Down Crypto ATMs Operation in Connecticut"},"content":{"rendered":"\n

Bitcoin of America, a crypto and Bitcoin ATMs<\/a> provider, agreed with the Connecticut Department of Banking to cease operations due to the lack of a license as a money transmitter to operate Bitcoin ATM kiosks in the state.<\/p>\n\n\n\n

\"Bitcoin
Bitcoin of America Shuts Down Crypto ATMs Operation in Connecticut<\/figcaption><\/figure>\n\n\n\n

In a statement issued on May 22, the Department of Banking emphasized that Bitcoin of America lacked the required license to operate Bitcoin ATM terminals within the state. <\/p>\n\n\n\n

Nonetheless, as mentioned earlier, the consent order was enforced after four Connecticut consumers lost tens of thousands of dollars in a scam involving the terminals. The state disclosed:<\/p>\n\n\n\n

\n

\u201cAs a result of the consent order, Bitcoin of America made restitution to these consumers totaling $86,000. Following a criminal indictment, Bitcoin of America is winding down operations here in Connecticut.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Jorge Perez, the banking commissioner, issued a warning against the use of unlicensed cryptocurrency terminals<\/a>. <\/p>\n\n\n\n

According to him, investors are frequently persuaded and duped into depositing cash into the kiosks and transferring an equal quantity of cryptocurrencies to the con artists.<\/p>\n\n\n\n

Bitcoin of America, which facilitates the transmission of consumer funds to third parties, must obtain a money transmitter license. <\/p>\n\n\n\n

Connecticut's state legislature is considering a bill requiring the licensing of digital currency terminals as money transmitters and imposing additional consumer protections.<\/p>\n\n\n\n

In addition, the Connecticut State Police, Department of Banking, Office of the Attorney General, and Connecticut Department of Consumer Protection\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> also warned against using unlicensed crypto and Bitcoin ATMs.<\/p>\n\n\n\n

In Ohio, 52 Bitcoin of America ATMs and terminals were seized in March on suspicion of being used in scams.<\/p>\n\n\n\n

Global geopolitical instability, compounded by a crackdown on unlicensed operations, has harmed the Bitcoin ATM network as a whole. <\/p>\n\n\n\n

Alone in March, 3,627 cryptocurrency ATMs fell offline, representing the largest monthly decline ever recorded.<\/p>\n\n\n\n

\"\"
Net change of cryptocurrency machines installed and removed monthly. Source: Coin ATM Radar<\/figcaption><\/figure>\n\n\n\n

During the four months between September 2022 and March 2023, the number of net crypto ATM installations decreased.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin of America, a crypto and Bitcoin ATMs provider, agreed with the Connecticut Department of Banking to cease operations due to the lack of a license as a money transmitter to operate Bitcoin ATM kiosks in the state. In a statement issued on May 22, the Department of Banking emphasized that Bitcoin of America lacked […]<\/p>\n","protected":false},"author":12,"featured_media":50279,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[8652,14540,5365,884],"class_list":["post-50271","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin-of-america","tag-connecticut","tag-crypto-atms","tag-regulations"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/05\/image-61.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50271","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=50271"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/50271\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/50279"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=50271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=50271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=50271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}