March 2023 was worst month for Bitcoin ATMs: Report

Last month recorded a very big downfall in the total number of Bitcoin ATMs in the world.

Bitcoin ATMs are popularly known as the best solution for the crypto sector to deal with the world’s population in the offline world. Bitcoin ATMs allow people to deposit & withdraw fiat for flagship Crypto assets. The first Bitcoin ATM was established in Oct 2013.

According to data available at the popular Bitcoin ATM tracking website, Coin ATM Radar, a total of 3,627 crypto ATMs shut down in March of this year.
Between September 2022 and March 2023, the net crypto ATM installations is very down. In short, March of this year was the largest monthly decline.

The highest number of installed crypto ATMs was Jan 2021 but March 2023 showed a very bad situation for Bitcoin ATMs. Now 33,727 Bitcoin ATMs are on the network & available to use.

In the present time, General Bytes, BitAccess, and Genesis Coin are leaders in the Bitcoin ATMs manufacturing companies.
Recently General Bytes faced an incident where its hot wallet was compromised and many of its customers faced loss.
The General Bytes team confirmed that they will give compensation to all the affected Bitcoin ATMs users.

Many crypto experts claimed that a downfall in the total number of Bitcoin ATMs took place because of the negative waves in this sector, where many crypto companies faced regulatory action and probably these situations forced the crypto companies not to expand their business.
A few reports noted that the beginning of 2022 brought very big negative news for Bitcoin ATM operators in the United Kingdom because the leading financial regulatory body in the UK, the financial conduct authority (FCA) ordered all the crypto companies to shut down their Bitcoin ATM operations in the countries and also confirmed that no one crypto company was allowed to establish Bitcoin ATMs in the country.

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