Odaily News According to a new report from TRM Labs, crypto ATMs are more vulnerable to fraud and money laundering due to the general lack of strict KYC and AML protocols, processing at least $160 million in illicit funds so far since 2019. In 2023 alone, cryptocurrency ATMs processed 1.2% of their total transaction volume, while the proportion of illegal transactions in the entire crypto ecosystem was only 0.63%. The report also showed that more than $30 million in illicit funds in 2023 were linked to known scam addresses, highlighting the role of crypto ATMs in facilitating fraud schemes. The findings come as regulators around the world step up their scrutiny of the cash-to-cryptocurrency sector. In Germany, authorities recently seized 13 unlicensed Bitcoin ATMs and confiscated nearly €250,000 in cash. (CryptoPotato)