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Congressional watchdog calls for stronger regulation of crypto ATMs

Submitted by The Verge on January 12, 2022 - 4:00pm

Illustration by Alex Castro / The Verge

In a public report issued earlier this week, the Government Accountability Office (GAO) recommends that the IRS and Financial Crimes Enforcement Network (FinCEN) be given more information about the location of the kiosks where people can turn cash into crypto or vice versa. In its report, GAO cites crypto’s potential use in sex trafficking and drug dealing as the reason why the government should have more insight into one of the ways people obtain crypto outside of the more tightly regulated exchanges.

While kiosk operators already have to comply with several regulations (they have to register with FinCEN, keep transaction records, and collect extra information for transfers over $3,000), GAO argues that it’s still hard for government...

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