Spokane Takes Bold Action Against Crypto Scams
In a landmark move aimed at protecting residents, the city of Spokane, Washington, has officially banned all cryptocurrency ATMs, making it the first city in the state to take such a step. The decision comes as part of a wider effort to combat growing fraud cases linked to crypto transactions, especially those targeting vulnerable members of the community.
According to data from Coin ATM Radar, Spokane currently has 46 crypto ATM machines. With this new measure, all of them—including those already in operation—will be required to shut down.
City Council Votes Unanimously for Ban
The initiative, named C36704, was introduced by Council Member Paul Dillon and backed by Council President Betsy Wilkerson. The Spokane City Council voted unanimously in favor of the ban, citing that these machines had become a “preferred tool for scammers” to exploit residents.
Local authorities emphasized that the rise in scams associated with these kiosks had led to devastating financial consequences for citizens. As Councilwoman Wilkerson stated, the city could no longer ignore the escalating losses tied to these unregulated machines.
Staggering Fraud Figures Drive Urgency
The decision wasn’t made in a vacuum. Nationwide, fraud linked to cryptocurrency usage is climbing at an alarming rate. The FBI reported over $5.6 billion in crypto-related fraud losses in 2023, with $141.75 million of that attributed to residents of Washington State alone.
Detective Tim Schwering of the Spokane Police Department highlighted that “many people in our community have lost their life savings,” which reinforced the urgency of the measure. Schwering also confirmed that the ban applies not only to new installations but to existing crypto ATMs as well. However, an exact timeline for their removal was not provided.
A First in Washington, A Model for Others?
Spokane now stands as the first city in Washington to enforce a full crypto ATM ban. This move could potentially set a precedent for other cities across the U.S. grappling with similar concerns. As crypto usage becomes more widespread, so does its misuse by fraudsters—and local governments are starting to respond with strong policy actions.
Conclusion: Public Safety Over Profit
While crypto ATMs were initially introduced to offer quick and easy access to digital assets, their misuse has led to significant financial harm. Spokane’s bold action sends a clear message: protecting residents from financial crime takes precedence. As more cities observe the fallout of crypto-related scams, Spokane may very well be the first of many to enact similar bans in the near future.
