ATMs | Crypto

Bitcoin Depot is moving to require ID for all transactions as regulators have cracked down on crypto ATM operators over scams and money laundering concerns. The biggest Bitcoin ATM operator in the US has begun phasing in a new requirement for users to provide identification for every transaction at its crypto ATMs amid increasing pressure from regulators and lawmakers for operators to curb illicit activity. Bitcoin Depot said on Tuesday that it began the rollout earlier in February across the company’s US network ATMs, with the goal of helping to detect suspicious activity in real time and eliminate misuse by bad actors, such as account sharing, identity theft, and account takeover. “Continuous verification allows us to detect suspicious activity based on customers, locations, or transaction amount before a transaction is approved,” Bitcoin Depot CEO Scott Buchanan said in a statement. Read more

Rep. Lance Gooden requested that the General Services Administration explore installing cryptocurrency ATMs, citing Donald Trump's crypto "vision." A Texas member of the US House of Representatives has proposed that government officials consider installing cryptocurrency ATMs in federal buildings across the country. In a May 1 letter to Stephen Ehikian, the acting administrator of the General Services Administration (GSA) — the entity responsible for managing the US government’s properties — Rep. Lance Gooden claimed that introducing crypto ATMs to federal buildings would serve as an “educational resource” and reflect advances in financial technology. He requested that the GSA begin exploring the necessary guidelines and regulations needed to install such ATMs in government-controlled properties across the US, citing alignment with President Donald Trump’s goals. Read more