COLUMBUS, Ohio — The number 18 may not appear to be many people impacted by cryptocurrency scams in central Ohio, but the amount lost since January 2022 is troublesome.
Nearly $356,000 has been vanished to crypto crimes, according to statistics gathered by the Better Business Bureau of Central Ohio.
Many of the schemes surround Bitcoin ATMs, which are now prevalent across Ohio convenience stores or gas stations.
There is a big difference between ATMs and Bitcoin Teller Machines (BTM). An ATM keeps the money in your account, a BTM converts deposited dollars into crypto, which is held in a digital wallet. The main difference, an ATM you can withdraw funds. A BTM you can send money to other accounts, similar to a currency exchange.
BTM licensing in Ohio only started recently.
“We did not in Ohio start requiring licensure of the beat of these crypto kiosks until about a year ago,” said Ingrid White, the Deputy Superintendent for Banks with the Ohio Department of Commerce Division of Financial Institutions. “We've communicated with the industry and told them that they need to come to us and seek licensure.”
The Division of Financial Institutions has approved four companies to operate Cryptocurrency Kiosks. Nine are operating in the state while applications are pending.
“Do your homework before you go to these BTM locations, make sure that you research where you're going to go and make sure that they're licensed a licensed company,” said White. “Make sure that you have all the information about that transaction, and you keep it, if you are issued a certificate or a piece of paper with codes on it, you've got to keep that information. That's your key later, to being able to go back if there's any issue with the transaction.”
To see if a BTM or ATM is registered with the state, click here.