Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
FinCEN warns financial institutions of crypto ATM fraud linked to criminal organizations and elder scams

FinCEN warns financial institutions of crypto ATM fraud linked to criminal organizations and elder scams

The BlockThe Block2025/08/03 16:00
By:By Sarah Wynn

Quick Take The Financial Crimes Enforcement Network, tasked with protecting the financial system from terrorist financing and money laundering, sent out a notice on Monday. Lawmakers in Washington have looked to combat crypto ATM fraud.

FinCEN warns financial institutions of crypto ATM fraud linked to criminal organizations and elder scams image 0

A U.S. Department of Treasury bureau is warning financial institutions to be on the lookout for bad actors using cryptocurrency ATMs to launder suspected drug profits, the targeting of older people, among other schemes. 

The Financial Crimes Enforcement Network, tasked with protecting the financial system from terrorist financing and money laundering, sent out a notice on Monday asking those financial institutions to report suspicious activity. 

“Criminals are relentless in their efforts to steal money from victims, and they’ve learned to exploit innovative technologies like CVC kiosks,” said FinCEN Director Andrea Gacki in a statement. “The United States is committed to safeguarding the digital asset ecosystem for legitimate businesses and consumers, and financial institutions are a critical partner in that effort."

FinCEN cited reports from the Drug Enforcement Administration that criminal organizations such as Cartel Jalisco Nueva Generación are more often using crypto ATMs. The bureau also warned that operators of the ATMs could be non-compliant and therefore not be verifying customer information. 

"These non-compliant CVC kiosk businesses also often lack reasonably designed policies, procedures, and internal controls to respond to requests from law enforcement," according to the notice. 

Lawmakers in Washington have looked to combat crypto ATM fraud. Sen. Dick Durbin, D-Ill., introduced a bill in February to set out requirements for crypto ATM operators, including transaction limits, and providing consumers with clear warnings about potential fraud. Regulatory agencies have also scrutinized crypto ATMs over the years over concerns that they are being used in scams.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!