Beautiful Virgin Islands

Monday, Jun 23, 2025

Bitcoin ATM operators are forming a coalition to prevent crypto-linked crimes

Bitcoin ATM operators are forming a coalition to prevent crypto-linked crimes

Operators of bitcoin ATMs across the US have formed a coalition to bolster compliance standards to prevent cryptocurrency-related crimes.
The Cryptocurrency Compliance Cooperative comprises 15 initial members whose mission, according to the statement, is to create a safer environment for all consumers and legitimize the cash-to-cryptocurrency industry.

The coalition is encouraging other organizations to join, including cash-based cryptocurrency money service businesses, regulatory bodies, financial institutions, non-governmental, and law enforcement agencies.

The coalition said being a member involves meeting on a minimum quarterly basis to keep each other updated regulations, standards, and research, and to share best practices.

“The nefarious use cases plaguing this industry are well documented by several law enforcement agencies, and include fraud, elder abuse, and drug and human trafficking,” Seth Sattler, director of compliance at DigitalMint, one of the members, said in a statement.

Only a small number of bitcoin ATM operators go beyond the know your customer and anti-money laundering protocols, Sattler added, allowing instances when transactions are completely anonymous.

KYC is a set of standards put in place, especially by traditional banking services, that are meant to protect institutions from fraud, money laundering, and terrorist financing.

KYC asks for a customer’s identity and the reason behind the transaction, among others. These, however, have been more challenging to implement in the cryptocurrency space where anonymity thrives.

A recent study showed 75% of the bitcoin ATM operators with kiosks in New Jersey allowed certain transactions to take place without requiring the customer to provide any information outside of a cellphone number, according to an independent report by the state’s Commission of Investigation.

Over half of these operators allowed transactions up to $900 with just a cellphone number to occur, the study found. Some even use prepaid cellphones, typically called burner phones, that are disposed of after a transaction.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
×