New York City Sees Record $50 Million in Daily Transactions at Crypto ATMs, Raising Financial Oversight Questions
NEW YORK, NY — The New York City Financial Crimes Task Force has reported a record-breaking $50 million in daily transactions processed through the city’s network of cryptocurrency automated teller machines, or crypto ATMs, over the past 72 hours, according to data released Tuesday by the Manhattan District Attorney’s Office.
WHAT: A surge in activity at crypto ATM kiosks, which allow users to buy or sell digital currencies such as Bitcoin and Ethereum using cash or debit cards. Task force analysts confirmed the figure, representing a 300% increase from the previous monthly average, was driven by a combination of retail investors and, in at least 12 documented cases, flagged transactions linked to unverified third-party wallets.
WHO: The New York City Financial Crimes Task Force, a joint operation of the NYPD, FBI, and the Manhattan District Attorney’s Office, conducted the analysis. District Attorney Alvin Bragg, in a prepared statement, emphasized that “the proliferation of crypto ATMs demands immediate scrutiny to prevent their exploitation for illicit financial flows.” The task force has not named any specific operators or suspects but confirmed investigations are ongoing.
WHEN: The record transaction volume occurred between 8:00 AM EST on June 10 and 8:00 AM EST on June 13, 2024. The report, filed under case number NYCFCT-2024-0672, was made public earlier today at a 10:00 AM press conference at One Hogan Place.
WHERE: The transactions were processed across 1,247 registered crypto ATM machines in all five boroughs, with a concentration in midtown Manhattan, the Financial District, and sections of Queens along Roosevelt Avenue. The task force identified three unregistered kiosks operating in Brooklyn and the Bronx, which have been sealed pending further investigation.
WHY: Officials attribute the surge to a volatile cryptocurrency market, with