Bitcoin ATM operator Bitcoin Depot will require identity verification for each transaction at its ATMs

Due to pressure from multiple state attorneys general, Bitcoin ATM operator Bitcoin Depot will require customers to provide personal identification for verification each time they use its ATMs.

The company stated that this move aims to combat account sharing, identity theft, and account takeover, marking a significant advancement in preventing fraud and illegal activities. Earlier this month, the Massachusetts Attorney General filed a lawsuit against the company, accusing it of deliberately profiting from scams targeting the elderly. FBI data shows that losses from cryptocurrency ATM fraud in the U.S. will reach $333 million by 2025. Currently, Bitcoin Depot operates 8,800 ATMs in North America.