Cryptocurrency ATM operator Bitcoin Depot will implement identity verification requirements for all ATM transactions

CycleProphet · 2026-02-25T02:33:12+00:00

Bitcoin Depot announces that it will implement identity verification for every cryptocurrency ATM transaction to strengthen compliance measures and reduce fraud. This move aims to prevent account sharing and identity theft in response to the rising trend of cryptocurrency ATM fraud in the United States. The company operates approximately 8,800 ATMs across North America, but its stock price has significantly declined and it faces legal charges.

CycleProphet

2026-02-25 02:33:12

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Deep Tide TechFlow News, February 25 — According to Decrypt, cryptocurrency ATM operator Bitcoin Depot will begin verifying the identity of each transaction to voluntarily improve its compliance procedures. The company started phased implementation of this policy earlier this month, after initially requiring customers to provide identification when first using its services in October last year.

Bitcoin Depot CEO Scott Buchanan said that verifying identity for each transaction helps identify patterns that may not be apparent during user registration. The move aims to reduce illegal activities such as account sharing, identity theft, and account takeover.

FBI data shows that in 2025, Americans lost $333 million to cryptocurrency ATM-related fraud. Currently, Bitcoin Depot operates about 8,800 ATMs across North America, but its stock price dropped 6.7% on Tuesday, down 80% over the past six months. The company is also facing recent charges from prosecutors in Massachusetts and Iowa, accusing it of profiting from scams targeting the elderly despite knowing about them.

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