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Spokane Bans Crypto ATMs After Crime Surge
In a unanimous vote, the Spokane City Council has approved an ordinance that bans cryptocurrency ATMs throughout the city, effective immediately. This decision comes after a surge in fraud cases targeting vulnerable residents, including the elderly and low-income individuals.
According to law enforcement officials, scammers have been posing as government agents or law enforcement officials, contacting unsuspecting residents and convincing them to transfer funds into cryptocurrency by claiming they must pay fines or protect their savings. The victims are then directed to the nearest crypto ATM, where they send funds that immediately go into the scammers’ wallets.
The machines, which had been installed in poorer neighborhoods, have become a hotbed for criminal activity, with officials stating that it’s often too late by the time the stolen money is converted into cryptocurrency. The ban aims to prevent further financial losses and protect vulnerable residents from these types of scams.
Council Member Paul Dillon praised the passing of this ordinance, stating, “This ordinance will protect Spokane residents from scams involving virtual currency kiosks, and I am proud that we are the first city in Washington state to move this legislation forward.”
The ban also comes with a warning: failure to comply could result in fines or even license revocation for non-compliant businesses.
While other states have implemented measures such as warning requirements and transaction caps to combat crypto-related fraud, Spokane’s decision marks one of the most aggressive responses yet.
Source: fullycrypto.com
