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What Floridians Need to Know About Crypto ATMs

Understand virtual currency kiosks (crypto ATMs), how they’re used in scams, and what Florida lawmakers are doing to protect Floridians from fraud.

AARP

Published April 09, 2026

AARP

FL House Bill 505, Virtual Currency Kiosks – Awaiting Governor’s Approval

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Have you ever heard of a cryptocurrency (crypto) ATM before? Do you know what crypto ATMs are used for, how they work, or where they’re located? If you answered “No” to any of these questions, you're not alone! Most Floridians are unfamiliar with these machines – which is why scammers are exploiting crypto ATMs to steal millions of dollars from Floridians every year.

AARP Florida is committed to educating and protecting residents from cryptocurrency fraud. Learn more about our legislative efforts — as well as helpful resources — that aim to defend you from fraudsters.

AARP

The "ABCs" of "BTMs"

Here’s a breakdown of some of the most used terms and key concepts regarding cryptocurrency ATMs.

Crypto (cryptocurrency) is a type of digital asset or “virtual currency” that is not backed by any government or centralized bank.
Bitcoin is one of the most recognized forms of virtual currency and is sometimes gets used interchangeably with the term “crypto”. (Like when someone asks for a “Kleenex” instead of a tissue.)
Virtual currency kiosks, crypto ATMs, Bitcoin ATMs (BTMs) are all terms used to describe devices – often found in gas stations, liquor stores, restaurants, etc. – that accept physical cash deposits which are then converted into a virtual currency for the user.
A virtual wallet or crypto wallet is not a physical wallet, but a virtual address that to which purchased virtual currency is linked (stored).
The owner of a virtual wallet is only able to transfer (spend) virtual funds through use of a private key – a unique code that proves the person’s ownership and control of the virtual currency.

ATMs vs BTMs

Although virtual currency kiosks may be referred to as Crypto ATMs or BTMs – No matter what you call them, these machines do not operate like traditional bank ATMs.

Traditional ATMs allow customers to deposit and withdraw money directly to and from their bank account. Bank ATMs are regulated and typically limit the amount of cash a person can withdraw at any one time for safety and security purposes.

BTMs, on the other hand, provide an in-person method for customers to buy and sell virtual currency (like Bitcoin). BTMs operate more like a currency exchange, allowing customers to convert cash into virtual currency at an inflated rate – exchange rates can be inflated by as much as 30%, in the absence of regulatory limits on rates charged by virtual currency kiosk businesses.

Most consumers interested in investing in virtual currency do not use these machines, and will instead buy, sell, or trade on cryptocurrency exchange platforms online.