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Operators of bitcoin ATMs and blockchain leaders have formed a compliance organization

 

Cryptocurrency Compliance Cooperative formed by cash-to-crypto industry leaders. CCC's mission is to create a safer environment for all consumers and legitimize the industry. "The nefarious use cases plaguing this industry are well documented," said Seth Sattler, director of compliance for DigitalMint. The Cash-to-Crypto Council (CCCCC) will allow members to stay abreast of regulatory updates, new industry standards and research. Members will share best practices and collaborate with industry leaders, regulators, and law enforcement on how to enforce deeper and more robust compliance protocols. 

BTMs, or cash-to-crypto ATMs, have surpassed 42,000 installations in the U.S. These machines allow users to purchase cryptocurrencies with cash. The CCC is seeking to bolster regulatory requirements for the benefit of all BTM users and operators.

According to a report, 75% of BTM operators in New Jersey allowed certain transactions to take place without any information outside of a cell phone number. "We must do better," DigitalMint's Sattler added.

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