Bitcoin ATMs used for money laundering, according to DEA

Monday 8 March 2021 10:10 CET | News

During 2020 drug traffickers relied on Bitcoin automated teller machines (ATMs) to carry out illicit money transfers, according to the Drug Enforcement Administration (DEA) of the US Department of Justice.

The agency’s report findings reveal that in 2020 these ATMs served criminals to make cross-border transfers, avoiding them having to physically transport the money. This, because international shipments, particularly between the US and Mexico, were suspended for much of last year due to the coronavirus pandemic.

Though it does not provide statistics on crimes committed with Bitcoin ATMs, the agency adds that this circumstance led to the use of these machines more and more in money laundering operations, to facilitate the movement of money.

In the US there are about 13,879, according to data from the CoinATMRadar page. In its great majority are subject to anti-money laundering (AML) regulations. Even in some places in the country, like New York, a license is required for them to operate.

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Keywords: cryptocurrency, Bitcoin, ATM, money laundering
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies