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The American cryptocurrency ATM operator Bitcoin Depot has announced the implementation of mandatory identification for all transactions amid increasing regulatory scrutiny and a rise in money laundering incidents involving cryptocurrencies.
The company stated that enhanced identification will enable the detection of suspicious activities in real-time, helping to prevent fraud and the theft of personal information.
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“Continuous verification allows us to identify suspicious activity based on customer data, location, or transaction amount even before it is approved,” Bitcoin Depot explained.
In October, the company had required identification only for new users. Now, identity verification will be enforced for every transaction.
Previously, Massachusetts Attorney General Andrea Joy Campbell filed a lawsuit against Bitcoin Depot, accusing the company of facilitating cryptocurrency fraud and misleading customers.
