Spokane, Washington's second-largest city, has enacted a ban on cryptocurrency ATMs due to a rise in scams targeting residents. The Spokane City Council unanimously voted to become the first city in the state to implement this ban, proposed by Council member Paul Dillon. He emphasized that these ATMs have become a favored tool for scammers defrauding unsuspecting individuals, particularly in vulnerable neighborhoods. The ordinance aims to eliminate existing kiosks and prevent future installations, as the city has experienced a notable increase in scams linked to these machines, resulting in significant financial losses for victims. Operators of crypto ATMs have 60 days to remove their kiosks or face penalties. The council plans to monitor the impact of this measure on crime rates associated with crypto kiosks. Police have reported that funds deposited into these machines often end up in countries like China and Russia, with many victims being elderly individuals misled into believing they need to convert their money to cryptocurrency for safety. Read more AI-generated news on: https://app.chaingpt.org/news