Bitcoin automated teller machines next target for regulators?

Bitcoin automated teller machines next target for regulators?


Germany, Spain and the United States are all cracking down on bitcoin ATMs, both for tax and to prevent money laundry. The crypto teller machines allow users to buy and sell cryptocurrency. They can also work in remittances, allowing transactions between two fiat currencies, underpinned by bitcoin.

"In Canada, regulators have become stricter on bitcoin ATM transactions, recently passing a law that compels operators to report all deals above 10,000 Canadian dollars (about $7,400), as part of measures to prevent money laundering and terrorism financing."

https://news.bitcoin.com/us-regulators-target-bitcoin-atms-88-of-the-funds-exit-the-country-via-machines/

 

Ciphertrace CTO John Jeffries, say from now on crypto-cash machines will attract “greater…regulatory focus” in an attempt to stop cross-border illicit financial transfers.

According to Ciphertrace

  • 74% of the bitcoin moved in exchange-to-exchange transactions was cross-border.
  • 88% of funds that US Bitcoin ATMs (BATMs) sent to exchanges in 2019 were sent offshore.
  • US BATM users on average sent more funds to high-risk exchanges than low-risk exchanges in 2019.
  • The percentage of funds sent to high-risk exchanges from US BATMs has seen exponential growth, doubling every year since 2017.

https://ciphertrace.com/spring-2020-cryptocurrency-anti-money-laundering-report/

 

 

 

Recommended reeding:

https://www.law360.com/fintech/articles/1279157

https://news.bitcoin.com/us-regulators-target-bitcoin-atms-88-of-the-funds-exit-the-country-via-machines/

https://ciphertrace.com/spring-2020-cryptocurrency-anti-money-laundering-and-crime-report-research-finds-criminals-netted-1-4-billion-from-cryptocurrency-crimes/

 

 

 

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// Rickard

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