American association of bitmachine operators |
American association of bitmachine operators | American association of bitmachine operators |

The largest US bitcoin operators have formed an association to counter money laundering.

The Cryptocurrency Compliance Cooperative (CCC) was formed by two companies: DigitalMint and Coinsource. The joining of forces by the two large BTC ATM operators is also expected to facilitate the development of new standards that could apply across the industry.

What could soon change for those using US bitcoin ATMs?

For now, the CCC is made up of fifteen members, and in addition to bitmachine-related operators, they also include companies that specialize in blockchain market analysis. This is just the beginning, as the association is encouraging more companies to join. Above all, financial institutions, law enforcement agencies and cryptocurrency-related companies can join.

The priority task of the Cryptocurrency Compliance Cooperative is to ensure that the use of bit machines is carried out in a manner consistent with the requirements related to KYC(Know Your Customer) and AML(Anti-Money Laundering). There’s no denying that bitomats are primarily associated with anonymity, as they don’t even require contact with another person (as is the case with exchange offices).

Coinsource’s Chief Compliance Officer Bo Oney is unhappy that many bitmachine operators feel asking for a phone number is sufficient action that exempts them from KYC obligations:

“Unfortunately, many BTM operators feel that merely asking for a cell phone number is enough due diligence to absolve them of their mandated KYC requirements.”

The lack of precise regulations, he adds, can lead to bitmats being used for bad purposes:

“Such lax provisions provide a safe haven for bad actors to abuse the machines for nefarious purposes.”

What do you think about the possibility of making changes to the way bitomats are used? Will the possible introduction of additional verification be a big problem? In March we reported that there are already more than 70 bitmats in Poland. Zory in Silesia is another point on the map, while in the U.S. only by the end of this year there will be 6000 bitomats in punktach Circle K.