Bitcoin ATMs are increasingly common, serving as a link between physical cash and digital currencies. A key consideration when using these machines is understanding the transaction limits they impose.
These limits can differ a lot depending on the operator and location. They affect how much cryptocurrency you can buy or sell in a single transaction or over a certain time.
In this guide, we’ll look at the different transaction limits of Bitcoin ATMs, explore what influences these limits, and give you an idea of what to expect from different providers and regions.
Table of Contents
Bitcoin ATM Daily Transactions Limits
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Key Takeaways
- Bitcoin ATM limits are the maximum amounts for transactions within 24 hours. They are set by operators and regulated by governments.
- Limits exist for security, practicality, and compliance with anti-money laundering regulations.
- They vary globally and may differ between states or countries, such as $3,000 to $10,000 in the USA, with state-specific variations.
- At CoinTime, we offer up to a 50,000 daily limit if you pre-registernow, and there are no hidden fees.
- Bitcoin ATM withdrawals are taxable as capital gains when selling crypto for fiat cash.
- Choosing compliant vendors like CoinTime is essential for legal and secure transactions.
- Increasing transaction limits may require additional personal information and verification.
- Users can locate Bitcoin ATMs near them using services like CoinTime’s website.
Bitcoin ATMs Transaction Limits By Operator
Bitcoin ATMs are growing, and the global crypto ATM market is expected to reach $5,451 million by 2030.
This growth has come from the increased adoption of cryptocurrencies.
Similarly, Bitcoin ATM providers have provided more Bitcoin ATMs and expanded to more areas and regions.
A table showing the Bitcoin ATM withdrawal limit per provider
Bitcoin providers worldwide differ in dominance. Some providers own more Bitcoin ATMs than others.
Similarly, their limits differ due to differences in regions and regulations.
Here are the leading Bitcoin ATM operators and what their minimum and maximum limits for crypto transactions are:
A table showing the Bitcoin ATM withdrawal limit per provider
Bitcoin ATM Withdrawal Limits – Per Jurisdiction
Bitcoin ATM withdrawal limits vary from country to country. In some places, the limits are low enough that you don’t need to verify your identity.
These limits are usually the same across regions within a country. However, they can change depending on the operator and the specific rules in each state.
| Jurisdiction | Amount With KYC | Amount Without KYC | Authority |
|---|---|---|---|
| USA | $3,000 : $10,000 | $300 : $900 | FinCEN |
| CANADA | $5,000 : $10,000 | $300 : $900 | Fintrac |
| EUROPE | €3,000 : €10,000 | €150 | Depends on State |
| Australia | $3,000 : $10,000 | – | AUSTRAC |
BTM limits in the US can differ based on your location and the specific Bitcoin ATM you use.
At Bitcoin ATMs, you can typically purchase crypto between $3,000 and $10,000.
However, specific state laws could regulate these limits, which leads to variations.
Here are some examples of state-specific Bitcoin ATM limits:
- California: Senate Bill 401, recently passed, imposes a maximum limit on cash purchases or sales at Bitcoin ATMs to $1,000 starting in January 2024.
- Connecticut: An amendment to an existing house bill sets a daily limit on Bitcoin ATM transactions to $2,500 per person.
What About Other Countries?
Detailed information on Bitcoin withdrawal limits in all countries is generally not available.
The lack of data can be due to various factors, such as the crypto adoption rate, the regulatory environment, and the number of Bitcoin ATMs in different regions.
For instance, Bitcoin is illegal in China, so no data on Bitcoin ATM withdrawal limits is available.
Similarly, there may be few Bitcoin ATMs in countries with limited cryptocurrency adoption or regulatory infrastructure, making obtaining information on withdrawal limits challenging.
Most Bitcoin ATMs worldwide, over 26,000, are concentrated in the USA, with an additional 2,000 in Canada.
Given this distribution, most data regarding Bitcoin ATM withdrawal limits is derived from these two countries.
A chart showing the Bitcoin ATM distribution in the U.S. vs the rest of the world
In other developed countries, such as the UK, Ireland, Switzerland, Hong Kong, Russia, Norway, etc., the number of Bitcoin ATMs typically ranges from 20 to 200.
However, in third-world countries with limited cryptocurrency adoption and regulatory infrastructure, the number of Bitcoin ATMs is minimal, if any, resulting in a lack of available data on withdrawal limits.
Bitcoin ATM Withdrawals Taxation
Bitcoin ATM withdrawals are subject to taxation.
Any realized gains from the transaction are taxable when you sell your crypto at a Bitcoin ATM in exchange for fiat cash.
The Internal Revenue Service (IRS) treats cryptocurrency as property, so selling it constitutes a taxable event.
If you sell your cryptocurrency for a higher price than you paid, you will owe taxes on the capital gains.
Also, if you sell it for less than your initial purchase price, you may be able to deduct the loss from your total tax burden.
Even if you use your crypto to purchase goods or services instead of withdrawing cash, it still counts as a taxable event and must be reported as capital gains tax.
For example, if you bought Bitcoin for $4,000 in 2017 and sold it for $64,000 in 2021, you would owe capital gains tax on the $60,000 profit.
However, purchasing crypto directly from Bitcoin ATMs is not taxable.
Taxation only occurs when you sell or otherwise dispose of the asset, such as exchanging it for fiat currency.
You only need to consider taxes when you cash out your crypto.
How to Increase the Bitcoin ATM Limit
Regulatory compliance plays a big part in setting the Bitcoin ATM limit.
Companies like CoinTime ATM offer upper limits of up to $50,000. However, if local laws have lower limits, you may need to provide more information to complete the transaction.
At first, customers might only need to give basic information like their name and do phone verification for lower transaction limits.
For higher transaction limits, many Bitcoin ATM operators require KYC verification.
Customers need to give more personal details like government IDs, birth dates, jobs, and social security numbers.
For higher limits, like up to $50,000, they also need to share information about their yearly income, net worth, and where their money comes from.
Bitcoin ATM operators might check the customer’s address before allowing higher limits.
For big investments over $50,000, customers usually need to show proof of funds and pass a background check.
What is a Bitcoin ATM Limit?
A Bitcoin ATM limit is the maximum amount of cash you can use to transact Bitcoin from a Bitcoin ATM in one day (24 hours).
These limits are reset daily, so you can still withdraw more from the BTM the next day.
The Bitcoin ATM limits for different ATMs are set by:
i) Bitcoin ATM Operators
Bitcoin ATM operators typically set maximum limits ranging from $3,000 to $10,000, depending on the company. At CoinTime, we offer up to a 50,000 daily limit and no hidden fees if you pre-register now
They also devise minimum limits, often starting at $20.
These limits ensure enough cash is available in the kiosks at any time.
ii) State and Federal Government
In addition to the limits set by Bitcoin ATM operators, state and federal governments provide the regulations governing Bitcoin ATM limitations.
These regulations serve to prevent instances of fraud and to protect consumers.
For example, in the United States, the Financial Crimes Enforcement Network (FinCEN) is the principal Federal bureau responsible for regulating Bitcoin ATMs.
Why Do Bitcoin ATM Limits Exist?
Bitcoin ATMs share characteristics with traditional ATMs due to their transaction limits and security reasons, among others.
So, why do these limits exist?
– Security
Limiting how much you can withdraw helps protect your crypto account from being stolen if someone gains access to it.
If someone gets your crypto keys (a special code), withdrawal limits stop them from taking all your money.
Bitcoin ATMs use different security measures to keep your account safe. These include linking digital wallets to your account, sending phone verification codes, using QR codes, and scanning driver’s licenses.
– Practicality
Bitcoin ATMs have withdrawal limits to ensure they do not run out of funds, just like traditional ATMs.
Setting withdrawal limits helps keep Bitcoin ATMs working smoothly for everyone. If limits are in place, no single customer can take all the money, so other people can still use the machine.
Preventing one customer from depleting the machine’s funds allows others to access it, promoting better customer service and accessibility.
– Compliance
Bitcoin ATM operators must comply with anti-money laundering (AML) regulations to ensure legal operation.
Setting withdrawal limits is a crucial aspect of compliance with these regulations.
FinCEN (Financial Crimes Enforcement Network) mandates that Bitcoin ATM companies implement written AML programs, including internal controls, ongoing personnel training, designation of compliance officers, and regular annual reviews or audits of the AML program.
Not setting withdrawal limits could lead to breaking AML rules, which can put the safety and legality of the Bitcoin ATM operation at risk.
Final Thoughts
Using a Bitcoin ATM to transact Bitcoin offers a fast and convenient way to trade crypto.
The transaction limits are set to ensure efficient customer service and compliance with regulations.
It’s important to use a vendor like CoinTime that operates within the boundaries of the law.
Note that if you come across a Bitcoin ATM that doesn’t impose purchase limits, it’s likely not compliant with regulations, and it’s advisable to avoid using it.
Gain more common knowledge about Bitcoin ATMS fees, transactions, limits, scams, and way more through our latest guide: 12 Things to Know Before Buying Bitcoin at an ATM
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Methodology and Sources
The information for the guide was gathered through detailed research. We investigated industry reports, regulatory documents, and articles to ensure accuracy.
The sources included user reviews and websites of Bitcoin ATM providers like CoinTime, Coinflip, and Genesis Coin. In addition, regulatory authorities such as the Financial Crimes Enforcement Network (FinCEN) in the USA and the Financial Transactions and Reports Analysis Centre of Canada (Fintrac) were considered.
FAQs
Yes, Bitcoin ATMs typically have withdrawal limits set by operators and governmental regulations.
The amount of Bitcoin you can buy at a Bitcoin ATM depends on the machine’s limit, which varies by operator and region.
Generally, limits range from $3,000 to $10,000 per transaction.
Depending on the specific Bitcoin ATM and its limits, you may be able to send money up to $10,000 in a single transaction.
Hence, it is important to check the machine’s capabilities and any regulatory restrictions.
In California, recent legislation has imposed a maximum limit on cash purchases or sales at Bitcoin ATMs to $1,000 starting in January 2025.
To find a Bitcoin ATM near me, use our CoinTime’s services.
Our website is dedicated to locating cryptocurrency ATMs.
It’s uncommon to find Bitcoin ATMs without withdrawal limits.
Such limits are typically imposed for security, practicality, and compliance reasons.
Yes, Bitcoin ATMs usually accept cash or debit cards to purchase crypto.
Users deposit cash into the machine in exchange for Bitcoin or other supported cryptos.
The minimum deposit at a Bitcoin ATM typically starts at $20, although this may vary depending on the operator and machine.
Many Bitcoin ATMs accept 100-dollar bills for cash deposits, but you should verify with the specific operator, as some may have limitations on bill denominations.
The fees charged by Bitcoin ATMs for transactions vary by operator and location.
Fees can range from 5% to 10% of the transaction amount.
The amount a Bitcoin ATM can send simultaneously varies depending on the operator and jurisdiction.
Generally, limits range from $3,000 to $10,000, but specific amounts may differ.
The maximum amount you can deposit depends on the specific machine and operator, but it often ranges from $20 to $10,000.
Cointime ATM, like other Bitcoin ATM operators, sets daily transaction limits.
The upper limit is usually $50,000 per day.
In the USA, Bitcoin ATM transaction limits vary by state and operator.
Generally, limits range between $3,000 to $10,000 per transaction.
