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News- Bitcoin ATMs industry leaders have formed a compliance
- The alliance is known as Cryptocurrency Compliance Cooperative (CCC)
- The coalition aims to safeguard investors from unjust crimes associated with BTC ATMs
- Anti-Human Trafficking Intelligence Initiative, Metropolitan Capital Bank, Royal Business Bank, Surety Bank, smart ATM operator Maya, Elliptic, and CipherBlade are also involved
Bitcoin ATMs are getting more users as the popularity of cryptos is soaring. Following the scenario, ATM providers are establishing more machines globally. Indeed, with the soaring popularity of cryptos and Cryptocurrency ATMs, related crimes are also skyrocketing. Recently, DigitalMint and Coinsource, two of the BTC ATM operators, have collaborated to introduce a new coalition. Notably, the alliance is known as Cryptocurrency Compliance Cooperative (CCC) to safeguard investors from unjust crimes associated with BTC ATMs.
Industry leaders forming CCC
Bitcoin ATM operators or the directors from the cash-to-crypto profession are on a voyage to create a safer domain for clients and legitimize the sector by hoisting obedience norms that are presently assessed scarce.
Putting this into reference, a committee of the US-based Bitcoin ATM operators involving DigitalMint and Coinsource has laid the first stone to a new collaborative federation called the Cryptocurrency Compliance Cooperative (CCC). It is known that the coalition strives to establish subordination doctrines for the Bitcoin ATM industry.
Bitcoin ATM operators are not alone
Further founder offshoots of the treaty involve the Anti-Human Trafficking Intelligence Initiative, Metropolitan Capital Bank, Royal Business Bank, Surety Bank, smart ATM operator Maya, Elliptic, and CipherBlade. Mover, the blockchain analysis firm Chainalysis is also among others.
According to Caitlin Barnett, Director of Regulation & Compliance, Chainalysis, Lax adherence protocols and lofty ratios of forbidden activity have long plagued the prominence of Bitcoin ATMs. Hence, the coalition’s members are thrilled to endorse the initiative led by two leaders in the cryptosphere to carve confidence in Bitcoin ATMs and stimulate better financial freedom with less risk.
Compliance Standards for the Industry
In March, the quantity of Bitcoin ATMs worldwide expanded by 20% in comparison to the previous year. Notably, the number of ATMs has reached nearly 17,000. According to the data from Datacom, Coin ATM Radar the US alone has more than 22k BTC ATMs.
It is observed that with the flagship crypto coin’s rising popularity, the number of shady use cases is haunting. According to Seth Sattler, director of subordination for DigitalMint and notable benefactor of the Cryptocurrency Compliance Cooperative, such illicit activities are plaguing the entire industry.
Sattler mentioned that the shady use cases plaguing this industry are well filed by several law enforcement agencies, and comprise forgery, elder misuse, drug, and human trafficking.
How will the CCC help the industry?
To fix the situation being faced by the Bitcoin ATMs industry, the CCC has exhorted various money services businesses, regulatory bodies, financial institutions, suppliers, NGOs, and law enforcement agencies to enlist and share best practices. And discover how to band with industry leaders to best mitigate hoaxes in the cryptocurrency industry.
Sattler highlighted that this isn’t just an industry group, this is a movement. Hence, the members hope others heed their buzzer and enroll in this cooperative as they nudge for enhanced and modernized ordinances in the best concern of public safeguard.
