Undoubtedly, the United States of America can boast of owning a massive percentage of the total Bitcoin ATMs installed around the globe. Recent reports emanating out of the country says that American authorities might have set their sights on the machines after some people have been using it for money laundering. Recent studies have shown that a bigger part of the population has been involved in the laundering schemes which has gotten the attention of authorities.
A surge in transactions via Bitcoin ATMs witnessed
Reports submitted by a Blockchain analysis company, cipertrace has shown that they have been a recent surge in the number of transactions carried out via Bitcoin ATMs across borders. According to the results compiled by the company, it showed that 74% of the population made transfers from other digital currencies to Bitcoin. Furthermore, almost all the transactions were carried out with the use of Bitcoin ATMs across the globe.
The main statistics of data put forward by the firm stated that 88% of the total transactions showed that they were done via Bitcoin ATMs. Regarding the other data submitted by the analyzing company, it showed that majority of the funds that left America were sent to cryptocurrency exchange outside the shores of the continent which are seen as highly risky businesses. Cipertrace noted that these high-risk exchanges were one of the reasons that illegal acts were rampant. While most companies are honest in their dealings, a major percentage of them encourage these illicit acts which involve money laundering.
Bitcoin Machines the next to be targeted by the USA
With the rate at which the illegal acts have been increasing, John Jeffries, an official of cipertrace has stated that the United States authorities might begin their clampdown on Bitcoin ATMs soon enough. “As the screw-up actions against illegal financial transactions, the cryptocurrency machines will allure significant regulatory attention”, John Jeffries said. The official further stated that the machines have been made available without any rule, hence the use for illegal activities with the honest part of the population using it to buy and sell as it was intended for.
As the clampdown on the machines is ready to begin, Jeffries said that it is time that they roll out a uniform rule that would govern the usage of the machines before they are shut down. Canada has already initiated laws as regards the use of the Bitcoin ATM with operators urges to report transactions that surpass the $7,400 mark.