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Niagara Regional Police and Crypto ATM Operators Team Up to Fight Scams

22 January 2025
in Crime, News
Reading Time: 3 mins read
105 4
Home News Crime

The Niagara Regional Police Service (NRPS) in Ontario, Canada, has partnered with major cryptocurrency ATM operators to launch a public awareness campaign aimed at reducing cryptocurrency-related scams.

The initiative, announced by law enforcement authority on January 21, 2025, includes collaboration with Bitcoin Depot, Bitcoin Well, Bitcoin4U, HODL, Instacoin, and LocalCoin. The campaign will display warnings on cryptocurrency ATMs, highlighting the irreversible nature of transactions. These warnings will advise users to be cautious of potential scams, particularly unsolicited payment requests such as fake utility bills, government debts, or other fraudulent schemes.

The effort comes in response to a surge in crypto ATM-related fraud in the Niagara Region. The local police noted it received reports of over 60 incidents in 2024 alone, resulting in more than $1.3 million in losses for victims.

“These ATMs serve legitimate purposes for individuals looking to purchase/transfer cryptocurrency; however, those unfamiliar with their operation should exercise extreme caution and avoid their use in any transaction that seems suspicious or involves unsolicited payment requests,”

the police noted in their announcement.

They also emphasized the irreversible nature of cryptocurrency transactions and urged users to verify the legitimacy of payment requests before proceeding. They recommended independently confirming claims via official channels, such as verified websites or trusted contacts, to avoid falling victim to fraud.

Globally, regulators are increasingly scrutinizing crypto ATMs. In December 2024, Australia’s financial crime regulator mandated compliance with anti-money laundering measures for crypto ATM operators, warning of enforcement actions for non-compliance.

According to Coin ATM Radar, Australia is the world’s third-largest hub for crypto ATMs, with approximately 1,300 machines. However, the regulator estimates the number at closer to 1,200, with a small portion managed by the country’s 400 registered digital currency exchanges.

Similarly, the UK’s Financial Conduct Authority declared in September 2024 that all crypto ATMs operating in the country lacked the legal basis to do so. At the time, the regulator launched an investigation into the service providers in several locations in and around Leeds City and other parts of the country. 

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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