Bitcoin Depot Introduces ID Checks to Prevent Crypto ATM Scams

Bitcoin Depot, a leading provider of cryptocurrency ATMs (kiosks), has taken a significant step to prevent crypto ATM scams and improve its compliance program. The company has introduced a new rule requiring customers to show identification for every transaction at its kiosks. This move aims to prevent account sharing, identity theft, and account takeover attempts.

The implementation of ID checks is a gradual process, starting with Bitcoin Depot's U.S. kiosks. As the deployment continues, the company expects an improvement in protection against crypto ATM scams. The new policy comes after Bitcoin Depot faced rising complaints about BTC ATM scams, resulting in significant losses for Americans.