Bitcoin ATM Firm Partners with the Largest Shopping Mall in the U.S.

According to the announcement, the firm has already installed Bitcoin ATMs at five Simon Mall locations in California, Florida, and Georgia. Bitstop co-founder and CEO Andrew Barnard said:

“With the strategic timing of this new installation of Bitcoin ATMs at Simon Mall locations, customers can conveniently buy Bitcoin while doing their Black Friday and Christmas holiday shopping.”

Moreover, Bishop which claims to be licensed and regulated, is planning to expand its ATM machine network by over 500 locations by the end of 2020; as per Barnard. In addition, the latest partnership follows the company’s previous installation of a Bitcoin ATM, at the Miami International Airport back in October.

Regulator Wary of Bitcoin ATM Business

Notably, earlier this month, reports indicated that the number of Bitcoin ATMs across the globe reached a new milestone. At the time, statistics indicated that there were over 6,000 ATM machines worldwide; with over 65% of this figure in the United States.

However, the authorities are getting wary of such services. The United States Internal Revenue Service’s Criminal Investigation boss; John Fort, for instance, recently claimed that the watchdog is looking into potential tax issues; brought about by Bitcoin ATMs and kiosks.

In addition to possible tax problems, Fort said that the operators of crypto kiosks; should also comply with the same Know Your Customer and Anti-Money Laundering rules; as all other cryptocurrency-related firms.

In conclusion, The world’s first-ever Bitcoin ATM launched back in October 2013 at Waves Coffee House in Vancouver’s downtown area. The first ATM machine in the United States went online back in February 2014 in Albuquerque, New Mexico. However, it was removed 30 days later.