SPOKANE VALLEY, Wash. — The Spokane Valley City Council unanimously approved a ban on cryptocurrency ATMs within city limits.
Spokane Valley Police have recording significant financial losses from scams involving cryptocurrency ATMs, including a recent case where a victim lost $300,000.
Scammers typically pose as government officials, romantic interests or family members and convince victims to deposit cash into the cryptocurrency machines before sending the digital currency to the criminals. The transactions prove difficult to trace and nearly impossible to recover once completed…