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US authorities strike again: crackdown on Bitcoin ATMs

 


The United States Government Accountability Office has released a report detailing the role of Bitcoin ATMs in people and drug trafficking.

Because of their obvious links to illicit human and drug trafficking, cryptocurrency ATMs, which were installed at an unprecedented pace in 2021, have been increasingly targeted by US authorities.

In a new study published on Monday, the Government Accountability Office (GAO), a government agency that provides auditing and investigative services to the US Congress, highlighted that the kiosks (also known as crypto ATMs) are in part for are responsible for this increase as the machines are less regulated than crypto exchanges and the transactions are more difficult to track. The report states:

“While kiosk operators need to register with FinCEN, they are not required to routinely report the exact locations of their kiosks. This limits the ability of federal agencies to identify kiosks in areas that have been classified as high risk areas for financial crime that could be people and drug trafficking ... As the use of the crypto market increases, FBI officials expect kiosk usage to increase with virtual currency for illegal purposes, including human and drug trafficking. "

ATMs are becoming increasingly popular for illegal purchases, according to GAO, which has researched the use of cryptocurrencies in global commerce. Because they are less regulated than cryptocurrency trading platforms, which means that transactions made through the kiosks are much more difficult to track and identify.

Meanwhile, Federal Reserve Chairman Jerome Powell has assured Congress that the Fed's much-anticipated report on cryptocurrencies will be released "within a few weeks."

Powell also said he expects inflation to continue through the middle of this year and that his forecast for the economy is “very positive” in the second quarter as he anticipates Omicron to peak and decline in the first quarter.

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