The Internal Revenue Service (IRS) is actively policing crypto ATMs for potential money laundering and tax issues, a top official told Bloomberg last Friday.
To date, there are 4,131 Bitcoin ATMs and kiosks in the United States, according to Coin ATM Radar. With these machines, users can pay a small fee and trade fiat currency for cryptocurrency on the spot. While a convenient invention, these services have raised concerns among regulators.
IRS Criminal Investigation Chief, John Fort, emphasized during an interview with Bloomberg that these transactions are required to conform to the same know-your-customer and anti-money laundering rules, but in reality, compliance does not always happen.
“We believe some have varying levels of adherence to those regulations,” he said. He revealed that the agency is interested in looking into people who actually operate the machines to uncover potential compliance issues. Read More...