History of Bitcoin ATM in Timeline

A Bitcoin ATM is a kiosk that facilitates the buying and, in some cases, selling of Bitcoin and other cryptocurrencies. Transactions are typically conducted using cash or debit cards. Some machines require users to have a pre-existing account to use the machine.

October 29, 2013: First Robocoin Bitcoin ATM Opens in Vancouver

On October 29, 2013, the first Robocoin machine opened in the Waves coffee shop in downtown Vancouver, Canada, marking the introduction of Bitcoin ATMs to the region.

December 8, 2013: First European Bitcoin ATM Installed in Bratislava

On December 8, 2013, the first Bitcoin ATM in Europe was installed in Bratislava, Slovakia, expanding the availability of cryptocurrency exchange.

February 2014: Plans to Regulate Cryptocurrencies in Canada

In February 2014, the Finance Minister in Canada announced plans to introduce anti-money laundering and anti-terrorist financing regulations for virtual currencies such as Bitcoin, signaling the start of cryptocurrency regulation in the country.

February 18, 2014: First Bitcoin ATM in the United States

On February 18, 2014, the first Bitcoin ATM in the United States went online in a cigar bar in Albuquerque, New Mexico, representing an early attempt to establish a presence in the U.S. market, though it was removed 30 days later.

May 2014: First Licensed Bitcoin ATM in the U.S.

In May 2014, Coinme developed and installed the first licensed Bitcoin ATM in the U.S. at the Spitfire Grill in Seattle, WA, marking a compliant approach to offering cryptocurrency exchange services.

December 2017: Increase in Bitcoin ATMs in Canada

From December 2017 to February 2018, the number of Bitcoin ATMs in Canada increased by 20%, showing a growing interest and adoption of cryptocurrency ATMs in the country.

Jan 2018: Bitcoin ATM count in US

As of January 2018, there were 2,342 bitcoin ATMs in the US, according to Coin ATM Radar.

February 2018: Increase in Bitcoin ATMs in Canada

From December 2017 to February 2018, the number of Bitcoin ATMs in Canada increased by 20%, showing a growing interest and adoption of cryptocurrency ATMs in the country.

June 2018: Draft Regulations Circulated in Canada

In June 2018, the Department of Finance in Canada circulated a draft of proposed regulations, continuing the path towards regulating cryptocurrency businesses.

June 2019: Vancouver Considers Ban on Bitcoin ATMs

In June 2019, Vancouver was considering a ban on Bitcoin ATMs due to money-laundering concerns, highlighting potential risks and regulatory challenges associated with the technology.

July 2020: Virtual Currency Businesses Considered MSBs in Canada

As of July 2020, businesses dealing in virtual currencies are considered Money Services Businesses (MSBs) by the Financial Transactions and Reports Analysis Centre of Canada, formalizing the regulatory status of these businesses.

September 2021: Increase in Bitcoin ATMs in the US

As of September 2021, there were more than 24,700 bitcoin ATMs in the US, up from 2,342 in Jan 2018, according to Coin ATM Radar.

2021: Cryptocurrency Crash Begins

In 2021, the cryptocurrency crash started, leading to financial difficulties for companies like Cash Cloud, which operates Coin Cloud ATMs, eventually leading to their bankruptcy.

March 2022: Cryptocurrency ATMs Declared Illegal in the UK

In March 2022, the Financial Conduct Authority (FCA) in the United Kingdom declared that all cryptocurrency ATMs in the country were illegal and would need to be shut down due to a failure to comply with know your customer laws (KYC) and the high risk to customers. Coin ATM Radar listed 81 such ATMs in the country at the time.

February 2023: Coin Cloud Files for Bankruptcy

In February 2023, Cash Cloud, the company which operates the Coin Cloud ATMs, filed for bankruptcy due to its exposure to Genesis Capital and the cryptocurrency crash.

March 2023: Arrests for Operating Illegal Bitcoin ATMs

In March 2023, three people were arrested for operating 51 bitcoin ATMs in Northeast Ohio and were charged with multiple violations, including money laundering, licensing violations, and receiving stolen property.