Association to be Set Up by Bitcoin ATM Operators to Fight off Money Laundering

As per the latest reports, major operators of ATMs for Bitcoin (BTC) have come up with a new strategy in regards to countering money laundering. The operators from the United States have reportedly joined forces in order to fight off illicit activities related to cryptocurrency transactions.

The sources have confirmed that the particular BTC ATM operators that have joined forces include Coinsource and DigitalMint. In order to counter activities related to illicit transactions, they have formed a new association.

The operators have named the particular association the Cryptocurrency Compliance Cooperative (CCC). According to the operators, the particular association will be responsible for maintaining the regulatory and compliance standards within the ATM space for Bitcoin.

The association will be keeping a close eye on the cryptocurrency standards as well as the standards they need to maintain for the Bitcoin ATMs. They will ensure that none of the transactions being transacted through the ATMs are originating from illicit sources. They will also ensure that the transactions being made through the ATMs are also going to the legit recipient.

In addition to the new association, the ATM operators for Bitcoin would also be acquiring the support and help of the analytic firms from the blockchain sector. The operators have confirmed that for now, the firms responsible for analytics would be Elliptic and Chainalysis. There are several other 15 members of the association who would also ensure that all aspects and weak points for the service are identified and fixed.

These analytics firms from the blockchain sector will be helping the association in maintaining the standards for compliance and regulations in the particular sector.

The CCC has already started working on the particular factor and gaining the necessary support in order to operate smoothly. So far, the CCC has requested the help and support of financial institutions, regulators, crypto money services businesses, and law enforcement agencies.

The association has announced that the ATMs for Bitcoin will be the highest priority when it comes to transactions. The firm would ensure that compliance with major regulations such as Anti-Money Laundering (AML) and Know Your Customer (KYC) are on the highest level.

Most of the time, the ATMs for cryptocurrencies are highly criticized for their lack of adherence to the KYC regulations. However, most of the operators of the BTM claim that it is sufficient if they ask users for their cell phone numbers. Doing so, not only put the platform at a major risk but also end up breaching the regulations.

The association has assured that they will be taking care of their responsibilities with utmost diligence and care. They will make sure that not a single case gets left behind.