Bitcoin ATM operators DigitalMint and Coinsource have formed a new collaborative coalition called the Cryptocurrency Compliance Cooperative (CCC) to protect investors from illicit crimes related to Bitcoin ATMs.
<h2><strong>Top Industry Leaders Form Crypto Compliance Cooperative</strong></h2>
Industry leaders from the cash-to-crypto business are on the mission to create a safer environment for consumers and legitimize the industry by pushing compliance standards that are currently considered insufficient.

Taking into consideration, a group of U.S.-based Bitcoin ATM <a href="https://www.cryptoknowmics.com/news/fbi-supports-ohio-county-to-halt-bitcoin-atm-scams/">operators</a> including DigitalMint and Coinsource has <a href="https://www.prnewswire.com/news-releases/top-bitcoin-atm-operators-and-blockchain-industry-leaders-forge-new-cryptocurrency-compliance-cooperative-ccc-301362382.html" target="_blank" rel="nofollow noopener">founded</a> a new collaborative association called the Cryptocurrency Compliance Cooperative that aims to establish compliance standards for the Bitcoin ATM industry.

Other founder members of the coalition include the Anti-Human Trafficking Intelligence Initiative, Metropolitan Capital Bank, Royal Business Bank, Surety Bank, smart ATM operator Maya, Elliptic, and CipherBlade, including blockchain analysis firm Chainalysis among others.

Caitlin Barnett, Director of Regulation &amp; Compliance, Chainalysis, said:
<blockquote><em>"Lax compliance policies and high rates of illicit activity have long plagued the reputation of Bitcoin ATMs. We are thrilled to support this initiative led by two leaders in the space to build trust in Bitcoin ATMs and promote more financial freedom with less risk."</em></blockquote>
<h2><strong>Compliance Standards for the Bitcoin ATM Industry</strong></h2>
In March, the number of Bitcoin ATMs worldwide has increased 20% from the previous year, reaching nearly 17,000. In fact, data from Coin ATM Radar shows that the <a href="https://www.cryptoknowmics.com/news/coinme-facilitates-bitcoin-atms-across-florida/">U.S.</a> alone has over 22,000 Bitcoin ATMs alone.

With Bitcoin’s rising popularity, the number of nefarious use cases plaguing the Bitcoin ATM industry has also increased, according to Seth Sattler, director of compliance for DigitalMint and leading contributor of the Cryptocurrency Compliance Cooperative.
<blockquote><em>“The nefarious use cases plaguing this industry are well documented by several law enforcement agencies, and include fraud, elder abuse, and drug and human trafficking.” </em></blockquote>
To fix this situation, the CCC has encouraged various money services businesses, regulatory bodies, financial institutions, suppliers, NGOs, and law enforcement agencies to join and share best practices and learn how to collaborate with industry leaders to best mitigate fraud in the cryptocurrency industry.
<blockquote><em>"We must do better,"</em> added Sattler. <em>"This isn't just an industry group this is a movement. It's our hope that others heed our call and join this cooperative as we push for enhanced and modernized regulations in the best interest of public safety."</em></blockquote>

Bitcoin ATM Operators Form New Compliance Initiative

A group of Bitcoin ATM operators including DigitalMint and Coinsource has founded a new association called the Cryptocurrency Compliance Cooperative.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin ATM Operators Form New Compliance Initiative

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