Crypto ATMs fueling criminal activity, Treasury warns
The U.S. Treasury Department is urging financial institutions to keep an eye out for criminal activity in connection to cryptocurrency ATMs, which are increasingly being used to carry outscams and money launderering.
In a notice released Monday, the Department’s Financial Crimes Enforcement Network (FinCEN) warned that the massive increase in the number of crypto ATMs — convertible virtual currency kiosks — has been accompanied by a spike in the number of operators who fail to comply with anti-money laundering rules.
The machines are typically found in commercial spaces like gas stations and grocery stores, and allow customers to buy cryptocurrency in exchange for cash.
Last year, the FBI’s internet crime complaint…
