InstaForex

August 26, 2021

Bitcoin ATM Management & Chainalysis Creates Protection To Crypto Users


ATM management firms Bitcoin, DigitalMint and Coinsources have joined blockchain analytics firm, Chainalysis to form Cryptocurreny Compliance Cooperative (CCC).


The CCC organization is to support compliance standards and at the same time protect consumers in the cash-to-cryptocurrency industry.


The majority of those leading the industry want to create a safer environment and validate their industry by raising standards of compliance which are seen as still unsustainable.


The move follows a New Jersey report that revealed nearly 75% of Bitcoin ATM kiosk operators in the county allow certain transactions without requiring user information other than phone numbers.



Not only that, half of the operators allow cryptocurrency transactions up to the $ 900 limit based only on phone numbers and some of them do not ask for any user information at all.


This shows that almost all BTM operators are confident that through the ownership of information such as telephone numbers have met the need to Know Your Customer (KYC).


While this matter if taken lightly will invite groups that abuse the facility for certain purposes.


Thus, the existence of CCC is expected to increase the benefits to consumers and operators of BTM.


For now, it is reported that 42,000 Bitcoin ATM machines are available in the US, while in Hong Kong there are only 130 machines.