![]() In an effort to crack down on fraud and establish universal compliance standards, DigitalMint recently launched a Cryptocurrency Compliance Cooperative. Just this month, state police in Pennsylvania warned of a bitcoin scam in which people would receive text messages about unauthorized charges on their PayPal account, get asked for personal information, and then be told to buy bitcoin at an ATM and send it to someone.Ī study by Chainalysis found nearly 75% of all illicit funds leaving the ATMs wound up being used at fraud shops, sites on the dark web that sell stolen credit card information. borders, that allows them to sort of claim the money and get full control over it," he said. "It leads us to believe, based on our due diligence, that these exchanges are great havens for those who are scamming an individual in the United States to send the fund out of the U.S. Marc Grens, president of Chicago-based bitcoin ATM operator DigitalMint, said the report's findings mirror what his company discovered when it investigated where some crypto transactions ended up. ![]() The New Jersey commission's report found more than $70 million deposited for cryptocurrency purchases in the state between 20. "It seems like it's very simple because a lot of these machines aren't collecting information on the person doing the transaction," she said. A 2020 DEA report warned the ATMs can "aid in the movement of illicit bulk currency."Ĭriminals appear to have an easy time exploiting the ATMs, Cialino told CNBC. Drug traffickers, money launderers and people trying to get unwitting victims to send money to a crypto wallet have employed the machines. ![]() That's alarming to law enforcement officials, who told CNBC that the ATMs are being used for a wide range of criminal activity. "Some require no identifying information at all." "Many machines permit near anonymity on purchases of up to $900 worth of cryptocurrency by allowing users to provide only a cellphone number," the commission's report said. However, an investigation by the New Jersey commission released earlier this year found actual regulation was lax, which is similar to many states. Treasury Department's Financial Crimes Enforcement Network. "The most alarming thing is that there are owners and operators of these machines that truly know nothing about what they should be doing under the Bank Secrecy Act."īitcoin ATM operators are required to register with the U.S. "There are scams, there's fraud," said Lisa Cialino, counsel for the New Jersey State Commission of Investigation. The currency, which started as an internet meme, has grown to a $10 billion market cap in recent months due to endorsements from celebrities such as Snoop Dogg, Gene Simmons, and Kevin Jonas, CoinFlip said.One state has recently targeted the lack of oversight of the machines. According to Benzinga, the currency has surged 853.07% since the beginning of 2021, compared to Bitcoin’s rise of 67.39% in the same timeframe. ![]() EST on Tuesday, according to CoinMarketCap. In doing so we're on a mission to make crypto currencies available to anyone who's interested in investing, even in the most rural towns of America.”ĭogecoin was up 0.76% to 0.05007 as of 1 p.m. The news of the addition of Dogecoin at CoinFlip ATMs was in response to its “growing popularity and recent mass adoption.”ĬoinFlip CEO and co-founder Daniel Polotsky said in a statement, “CoinFlip's mission has always been to bank the unbanked and break down the barrier to entry. To find out where a Dogecoin ATM is located, CoinFlip has provided an ATM terminal finder on its website, which searches by zip code or address for the closest location. You can now buy $DOGE with cash at any of our 1,800 locations nationwide!įind a CoinFlip ATM to buy $DOGE and use discount code "DOGE" for 15% off all transaction fees _ /8A01jtY9je We're excited to announce that we are listing #dogecoin on CoinFlip ATMs!
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