Bitcoin Depot to require ID for all transactions at its crypto ATMs

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.

Bitcoin Depot has begun a phased rollout of 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.

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