Inside a tiny self-service laundromat in Quarry Bay in the east of Hong Kong Island, next to a wall of washing machines, stands a waist-high cryptocurrency terminal with signs reading “Elon Musk recommends Dogecoin” and “Buy bitcoin in one minute”.
How some grey-market crypto ATMs in Hong Kong can turn users into fraud victims
A South China Morning Post report examines how some grey-market crypto ATMs in Hong Kong may expose users to fraud risks. The story highlights concerns that poorly regulated machines can be used in scams that turn customers into victims.
South China Morning Post
Publisher
Sep 5, 2026 at 1:00 AM UTC · 1 min de lecture
Key Signal
~200 virtual asset retailers in 2024
Market Impact
Total MCap+1.29%
Last Updated
il y a un jour
Traduction…
In order to obtain Dogecoin through the ATM, customers feed Hong Kong dollar notes into a slot and scan a QR code. The equivalent amount in cryptocurrency is then credited into their digital wallet.
Such machines have proliferated across the city in recent years as interest in cryptocurrencies has risen. Many are installed at 24-hour unstaffed shops such as laundromats and claw-machine arcades.
As of 2024, the Securities and Futures Commission (SFC) found about 200 virtual asset retailers in the city, which included such ATMs.
According to Coin ATM Radar, a global geographical tracker, there are currently 234 crypto ATMs in Hong Kong – concentrated in Mong Kok, Tsim Sha Tsui, Wan Chai and Quarry Bay – offering a dozen different types of cryptocurrencies.
However, these ATMs operate in a legal grey area, with the city still in the process of setting up a regulatory regime for over-the-counter cryptocurrency trading.
Potential tools in financial scams
Réponses Rapides
What are grey-market crypto ATMs in Hong Kong?
The article refers to crypto ATMs operating in a grey-market environment in Hong Kong. The excerpt does not identify specific operators or explain their legal status.
How can crypto ATMs turn users into fraud victims?
According to the article’s framing, some machines may be used in scams that expose users to fraud. The excerpt does not provide details on specific scam methods.
What is the main concern about crypto ATMs in this report?
The main concern is consumer protection: inadequately regulated crypto ATMs may create risks for users and facilitate fraud.
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Originally reported by South China Morning Post
NewsLayer coverage based on externally reported material.
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Dogecoin
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+7.48% (24H)
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$15.6B
24H Volume
$1.2B
24H High
$0.095
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