{"id":8653,"date":"2021-08-26T13:19:56","date_gmt":"2021-08-26T12:19:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=8653"},"modified":"2021-08-26T13:20:01","modified_gmt":"2021-08-26T12:20:01","slug":"bitcoin-atm-operators-set-up-the-ccc-association","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-atm-operators-set-up-the-ccc-association\/","title":{"rendered":"Bitcoin ATM operators set up the CCC association"},"content":{"rendered":"\n
Major Bitcoin (BTC) ATM operators<\/a> in the United States are banding together to form an organization known as the Cryptocurrency Compliance Cooperative (CCC), which will help combat illegal Bitcoin ATM activities. <\/h5>\n\n\n\n
\"Bitcoin<\/figure>\n\n\n\n

The Cryptocurrency Compliance Cooperative (CCC), a new organization founded by Bitcoin ATM providers DigitalMint and Coinsource\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, aims to develop compliance guidelines for the Bitcoin ATM sector.<\/p>\n\n\n\n

Among the 15 inaugural members of the new compliance, the endeavour are big blockchain analytics startups such as Chainalysis and Elliptic.<\/p>\n\n\n\n

Cash-based crypto money services businesses, regulators, financial institutions, as well as non-state and law enforcement authorities, are now encouraged to participate in the CCC.<\/p>\n\n\n\n

Because Bitcoin ATMs are frequently connected with a lack of know your customer (KYC) and anti-money laundering<\/a> (AML) compliance, the association has targeted them directly.<\/p>\n\n\n\n

\u201cUnfortunately, many BTM operators believe that simply asking for a mobile phone number is sufficient due diligence to exempt them from their mandatory KYC requirements,\u201d said Bo Oney, Coinsource's head of compliance.<\/p><\/blockquote>\n\n\n\n

\u201cSuch loose provisions give criminal actors a safe sanctuary to manipulate machines for evil reasons. For the benefit of all BTM users and operators, the CCC is working to strengthen regulatory standards.<\/p><\/blockquote>\n\n\n\n

This will necessitate input from industry experts<\/a>, all with the purpose of making the cash-to-crypto area as secure as possible for consumers,\u201d he added.<\/p>\n\n\n\n

Several law enforcement organizations have well-documented criminal usage instances relating to the Bitcoin ATM business, including fraud, elder abuse, and drug and human trafficking, according to Seth Sattler, director of compliance for DigitalMint and a key CCC contributor.<\/p>\n\n\n\n

\u201cWhile a small number of Bitcoin ATM operators go above and beyond with KYC and AML protocols, others in the cash-to-crypto industry simply turn a blind eye and are complacent to these bad actors by applying the bare minimum customer protections, which in many cases allow for completely anonymous transactions<\/a>,\u201d Sattler explained.<\/p><\/blockquote>\n\n\n\n

About Bitcoin ATMs<\/h2>\n\n\n\n

A Bitcoin ATM, also known as a BTM, is a kiosk that allows customers to buy or sell Bitcoin and other cryptocurrencies with cash or a debit card, similar to a standard ATM.<\/p>\n\n\n\n

There are already over 42,000 Bitcoin ATMs in the United States, according to data from the BTM tracking website<\/a> How Many Bitcoin ATMs.<\/p>\n\n\n\n

The State of New Jersey Commission of Investigation determined in February that 75% of BTM operators in the state permitted some transactions to be completed without the client providing any information other than a cell phone number.<\/p>\n\n\n\n

Last year, a CEO of blockchain analytics startup CipherTrace projected that Bitcoin ATMs will face tighter rules around the world, and nations like Canada and Germany have already taken steps to reinforce required anti-money laundering regulations.<\/p>\n","protected":false},"excerpt":{"rendered":"

Major Bitcoin (BTC) ATM operators in the United States are banding together to form an organization known as the Cryptocurrency Compliance Cooperative (CCC), which will help combat illegal Bitcoin ATM activities. The Cryptocurrency Compliance Cooperative (CCC), a new organization founded by Bitcoin ATM providers DigitalMint and Coinsource , aims to develop compliance guidelines for the […]<\/p>\n","protected":false},"author":12,"featured_media":8655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[1907,4040,376],"class_list":["post-8653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin-atm","tag-ccc","tag-cryptocurrencies"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/Bitcoin-ATM-operators-set-up-CCC-association-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8653","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=8653"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8655"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=8653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=8653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=8653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}