Cash-to-Crypto Industry Dominated by ATMs Is a Law-Enforcement Concern: TRM Labs

Law enforcement authorities globally have concerns about the use of crypto ATMs in scams, a report by blockchain analytics firm TRM Labs found.Since 2019, the cash-to-crypto industry – which is dominated by crypto ATMs – has processed at least $160 million in illicit transactions, according to a study by blockchain analytics firm TRM Labs., which take fiat currency and send crypto to the desired digital wallet.

"While illicit actors look to cryptocurrencies to move funds faster cross-border, crypto ATMs face additional money laundering vulnerabilities due to the use of cash and lack of face-to-face communication or account open controls," the report said. Of the 15,000 complaints last year involving $1 billion in losses due to digital asset scams affecting people aged 60 and above, as many 2,000, some 13%, involved bitcoin ATMs.

The report said regulatory actions in the U.S. have forced over 1,000 machines offline since May, though the country remains home to more than 31,000 of them, the most in the world. Australia, where the number of machines has grown 17-fold over two years, may have become the third-largest market for crypto ATMs. Authorities in the country have identified the kiosks as a money laundering vulnerability, the report said.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Crypto Industry Tries to Tally Final Wins As U.S. Congressional Primaries Wind DownJesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
La source: CoinDesk - 🏆 291. / 63 Lire la suite »

Crypto Industry Political Donations Are Going to Democrats TooThe crypto industry, whose hostility to the Biden Administration have led some major participants to publicly endorse Donald Trump, is spending millions through a pair of super PACs to shape the Democratic Party by intervening in congressional primaries. Sonali Basak, Michael Regan and Bill Allison speaks on 'Bloomberg Crypto'.
La source: crypto - 🏆 292. / 63 Lire la suite »

Democrats launch 'Crypto for Harris' campaign to counter Trump’s industry appealThe move comes as the race for the White House narrows between former President Donald Trump and Vice President Kamala Harris, the respective Republican and Democratic nominees.
La source: FoxBusiness - 🏆 458. / 53 Lire la suite »

Harris Campaign Targets Crypto Voters with New Industry Advocacy GroupCrypto Blog
La source: Crypto_Potato - 🏆 568. / 51 Lire la suite »

Crypto industry clashes with Democratic leaders in heated Zoom meetingA Zoom get-together to repair relations between the crypto industry and the Democratic Party turned ugly Thursday morning, underscoring the uphill battle progressive crypto advocates face
La source: FoxBusiness - 🏆 458. / 53 Lire la suite »