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<h2 id="header-0">Bitcoin ATM Provider Faces Scrutiny in Connecticut Over Licensing and Scam Concerns</h2>Bitcoin of America, a cryptocurrency and Bitcoin ATM provider, is in trouble in Connecticut. They were operating without the proper license required by the state&#39;s Department of Banking. This caused problems when some customers got scammed using their Bitcoin ATM kiosks and lost a lot of money. To make things right, Bitcoin of America has agreed to pay $86,000 to the affected customers.Because of this incident, they have decided to shut down their operations in Connecticut. The state&#39;s banking commissioner, Jorge Perez, warned people about using unlicensed crypto kiosks. He said scammers trick people into depositing cash into these kiosks and transferring <a href="https://www.coingabbar.com/en/crypto-blogs-details/which-cryptocurrencies-should-you-buy-in-2023" rel="noopener noreferrer nofollow">cryptocurrencies</a>, resulting in big financial losses.To prevent such scams in the future, new regulations and consumer protections are being proposed in the state legislature. These rules would require digital currency kiosks, like the ones operated by Bitcoin of America, to get licenses as money transmitters.The Connecticut State Police, Department of Banking, Office of the Attorney General, and the Department of Consumer Protection have issued a warning to the public to stay away from unlicensed crypto and <a href="https://www.coingabbar.com/en/crypto-blogs-details/what-are-bitcoin-atms-and-how-to-use-them" rel="noopener noreferrer nofollow">Bitcoin ATMs</a>. They are working together to fight fraud in the cryptocurrency world and protect people from scams.This incident is not limited to Connecticut. In Ohio, 52 Bitcoin of America ATMs and kiosks suspected of being involved in scams were seized in March. Furthermore, due to global instability and crackdowns on unlicensed operations, the number of Bitcoin ATMs has been declining. In fact, from September 2022 to March 2023, there has been a significant decrease in new installations, with March seeing the biggest monthly decline of 3,627 crypto ATMs.

Bitcoin of America Faces Scrutiny in Connecticut for Unlicensed Operations

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