Topic: Crypto ATM questions (Read 174 times)

Could depend on the country but generally speaking:


And this is also evident from the FAQ they've added to their website where AML is also being mentioned also it still seems as if preventing fraud is what they're mostly concentrating on (there are tons of scams where the victim is socially engineered to send someone bitcoins for one reason or another).

Hmm, then they've updated this from the last time I've been around one, I was helping a friend the previous winter to buy some coins and I was in full gear, had a wind mask on my face and a knit cap as it was cold as hell in the passage from the parking lot where the ATM was, I was able to buy some 2000E (if I remember correctly!?) without a problem.

Probably they are starting to feel the heat, let's be honest if at 9 AM when the mall has just opened you see 3... ladies...with a Russian accent who definitely would have needed some sleep after a rough night, packing the ATM with bills after bills, you go do your shopping you come back and they are still there taking turns and scanning their phones you know there is something completely wrong happening
Especially if you meet them two weeks later doing the same routine at the same hour.

Anyhow, I know where this is going, sooner or later you won't be able to transact more than 100Euros without an ID scan, then ID blacklists, then instant reporting to the financial authority of that country, and so on and on and on...


Whenever I look at what's happening in the US I definitely get the same impression, I don't know how easy is there to get and operate one but seeing how they pop-up in every damn gas station that sees a car once a week, it sure looks like a gold rush on fast forward.

I just watched a video (I think it was on Youtube) with the CEO of CoinFlip, which is one of the bitcoin ATM models, and he was saying that not all the ATM makers are following the regulations--whatever those might be; I sure as hell don't know.  I got the impression that the bitcoin ATM space is still in the wild west stage, as hard as that is to believe.

So I think the makers of the ATMs can basically do whatever they want to do until they're shut down, and that's why you'll see different levels of KYC requirements.  I think it's bizarre, but whatever.  I'm pretty sure a lot of them sell your phone number to spammers and that's the reason why they require an SMS text.

With the AML laws in place they have to do something which generally means use common sense, similarly to other cash-heavy businesses, e.g. gold sellers, have someone else come in for you instead of returning after 5 minutes.

If they see someone who appears out of place, e.g. a homeless-looking person, they can ask them questions to gauge whether they aren't transacting on behalf of someone else. People wearing sunglasses are being told to take them off (a message appears on the screen), same with motorcycle helmets, so far only face masks worn due to covid-19 aren't seen with suspicion.

This sounds like a waste o time and manpower to me and will simply lead to more troubles, with the whole GDPR thing.

First, monitoring persons with facemasks, sunglasses, hats that could easily go change their clothes and go to another ATM 2 km away seems futile and it's already tiresome but then again with such high limits, somebody who is forced to visit the machines that often doing that many transactions and is happily taking a hit from the fees is not working alone.
How much it would cost to have his friends pose in front of the ATM, a few beers? 
I think this is more like one of those measures where they show they are trying to do something knowing that they actually are not.

In Poland shitcoins.club ATMs still have no KYC for transactions under 15k EUR, but that's the law today, wondering how long until that changes forever. Their main competitors have a limit of 8.8k EUR but with a min. transaction size of 1.1k EUR. Not sure about other countries, but according to shitcoin.club's posts on a Polish BTC forum, they have people monitoring users through the built-in cameras to ensure they don't come back the same day to evade the limit.

Hmm so I'm guessing they're def keeping a record on what phone numbers are used.

Best way is with a burner phone.

It also has a lot to do with the company using it.
Shitcoin club for example is notorious for not requiring any type of document for large sums, it was up to 5000 euros and they lowered it in some countries to just 2000 (on a transaction, so nobody is keeping you from doing 20 a day) only after the scandal in Germany.

There is a new operator here who requires an ID scan and a mugshot for anything over 100, 300 meters away it's a shitcoin atm that requires nothing and has been operating without a problem for I think 3 years..or at least 2.


Introducing the $5 wrench with custom bitcoin hacking features! You simply have to hit the victim from the left to the right to get his bitcoin passwords than the traditional way up down to steal cash. Dark jokes aside, people have been robbed next to an ATM for decades, there is absolutely nothing different between an BATM and a traditional one.

Protect your identity to protect your privacy, or in this case, to protect your digital property, which has become the target of many criminals since its price skyrocketed. Therefore, nowadays it is very wise not to identify with the possession of crypto - and crypto ATMs are not only used to sell, but also to buy cryptocurrencies.

In other words, buying crypto on an ATM is not only the most expensive, but we are exposed to the eyes of all the people nearby - and some of them may have bad intentions.

I wonder why you have to hide your identity. If someone takes you with your number of vehicles and keeps track of you, it is not possible to steal your account. I think ATM electronic money is like other ATM pillars, it is the machine for you to withdraw money when you need anytime. What do you think about my opinion!

At a time when face masks have become mandatory almost everywhere, it is not difficult to protect your identity with one mask, cap and sunglasses. But there is one problem, if you came by car near the ATM, some camera will surely record your license plates. In other words, buying crypto on an ATM is not only expensive, but there is also the possibility of physical theft on the spot, or someone can follow you to your address.

Anti-money laundering laws are what make the owners of these devices impose KYC/phone verification/ID scan and these laws differ according to the states and the amounts withdrawn.
Any transaction in cash, buying or selling, includes a change of currency, requires verification of identity, but laws differ as many countries do not place restrictions on amounts less than 2k daily.
In general, most of the ATMs are located in places close to the cameras, so if you want to hide your identity, do not use this method.

I think it has to do with either the regulations that are in place in the country that it has been installed or the "manufacturers".
^{- Some BTMs require different types of verifications based on the transacted amount.}

But it's way overpriced.

So, why do some crypto ATMs require KYC but others just require a phone number?

Does this mean KYC is basically optional?

What types of info can they get from a phone number? I see this is the most convenient way to buy crypto..... sort of anonymously but not really if they have a phone number attached to your name.