BTM COMPLIANCE BLOG

Top 10 Challenges Of Bitcoin Compliance

Top 10 Challenges Of Bitcoin Compliance

More than a decade has passed since Satoshi Nakamoto launched the first blockchain network and digital currency, Bitcoin. It has transformed the financial world, spawning over 22,000 cryptocurrencies and accumulating a staggering market value of over $1 trillion. ...

How to Identify Scams: A Comprehensive Guide

How to Identify Scams: A Comprehensive Guide

Introduction In today's high-tech, quick-paced culture, being aware of the risks posed by con artists is more important than ever. Scammers have become increasingly cunning and adaptable, preying on unsuspecting individuals in both the physical and digital realms....

6 Common Bitcoin Scams and How to Avoid Them

6 Common Bitcoin Scams and How to Avoid Them

As digital currencies like Bitcoin soar in popularity, the risk of scams multiplies. From phishing attacks that cost billions to Ponzi schemes and counterfeit exchanges, users must stay vigilant. This guide dives into common Bitcoin scams, offering insights and protective measures to ensure the security of your digital assets in this rapidly evolving financial landscape. Stay informed and prioritize safety.

How to Steer Clear of Pyramid Schemes Targeting Crypto Investors

How to Steer Clear of Pyramid Schemes Targeting Crypto Investors

As cryptocurrencies like Bitcoin become more and more popular, discerning investors must be on the alert for scams in the industry. Pyramid schemes have been around for decades, but they are now increasingly targeting Bitcoin investors. We'll talk about how to avoid...

Crypto Scams on Social Media: How to Avoid Falling Victim

Crypto Scams on Social Media: How to Avoid Falling Victim

Introduction The rapid growth of the cryptocurrency sector and the widespread adoption of virtual currencies have created fertile ground for con artists. Social media has become a breeding ground for these crypto scams, with fraudsters leveraging various tactics to...

A Guide to Understanding Bitcoin Compliance Regulations

A Guide to Understanding Bitcoin Compliance Regulations

  Introduction The rapid rise of Bitcoin and other digital currencies has garnered global interest. The rising prominence of digital currencies has garnered the attention of regulatory bodies, prompting them to intensify their endeavors to ensure adherence to...

How to Run a Bitcoin ATM Business Without BTM Compliance Worries

How to Run a Bitcoin ATM Business Without BTM Compliance Worries

Introduction The Bitcoin sector has experienced a tremendous expansion in recent years, especially with the surge of Bitcoin ATM kiosks. For Bitcoin ATM operators in the US, adhering to federal and state regulations is crucial in achieving BTM compliance. Delivering a...

Opportunities Owning a Bitcoin ATM

Opportunities Owning a Bitcoin ATM

Opportunities Owning a Bitcoin ATM Bitcoin ATMs are internet-dependent kiosks allowing users to purchase cryptocurrencies—often Bitcoin—for cash. They have come a long way from being merely present to popping up in more than 30,000 locations in the U.S. alone. Many...

How Compliance Stops Scams

How Compliance Stops Scams

Catching Scams before they Happen Cryptocurrencies and the blockchain are newer technologies that serve as a decentralized currency system, a way to transfer assets, verify ownership, and much more. While the rise of cryptocurrencies and blockchain technology serve as...

Blockchain Technology and Web3

Blockchain Technology and Web3

It’s not news that most people in the tech industry believe that blockchain technology is the future of our society and can revolutionize business practices and interactions. When the internet was first created, it was hard to imagine it morphing into platforms like...

Bitcoin ATMs and Banking as a Money  Services Business: Part 1

Bitcoin ATMs and Banking as a Money Services Business: Part 1

Starting a Money Services Business (MSB) can be an intimidating process. There are a number of things an owner must do to get their MSB operational, and also stay compliant with the federal and state regulations. On top of that, many banks will not work with an MSB,...

New Cryptocurrency Scam Reporting Tool Available

New Cryptocurrency Scam Reporting Tool Available

In the FBI’s 2021 Internet Crime Report, there were more than 1,250 reports of scams stemming from Crypto ATMs accounting for nearly $30 million lost. This is a small percentage of the total cryptocurrency scams that took place in 2021.  In response to this, The...

Bitcoin ATM Compliance – What you need to know

Bitcoin ATM Compliance – What you need to know

60% of the worlds Bitcoin ATMs are operated in the United States. However, if you’re looking to operate a Bitcoin ATM business there is a lot more to it than just buying the machine and plugging it in. As a Bitcoin ATM operator, your business has to stay compliant...

New Florida Legislation to Benefit Bitcoin ATM Operators

New Florida Legislation to Benefit Bitcoin ATM Operators

In recent months, Florida legislators have voted to clarify the state’s position on cryptocurrency sales. This new legislation will allow crypto assets to be bought and sold between two parties in Florida without the fear of regulation repercussions. With this vote,...

Navigating Bitcoin ATM Compliance

Navigating Bitcoin ATM Compliance

Have you been thinking about the possibility of starting a Bitcoin ATM operation?  Are you hesitant because you’re unsure where to start or what to do with Bitcoin ATM compliance?  If this sounds familiar, rest assured that you are not alone. Many new operators are learning that there is more to just picking out a Bitcoin ATM.

Annual Independent Review: Your BTM Company’s Crucial Safeguard

Annual Independent Review: Your BTM Company’s Crucial Safeguard

Federal regulators can enforce drastic civil, administrative, and criminal penalties against an entity that violates AML initiatives or the Bank Secrecy Act.  Importantly for BTM companies, the applicable regulations frequently change and often omit or leave open to interpretation how BTM companies fit into the regulatory scheme.  Consequently, an independent review allows companies to properly address non-compliance, mitigate ongoing violations, and protect itself against fines and penalties.

Title 31 Examination – What to Expect as a Money Services Business

Title 31 Examination – What to Expect as a Money Services Business

The Internal Revenue Service (IRS) is stepping up enforcement of Money Services Businesses (MSBs) and the penalties for non-compliance are hefty. In a published IRS report, it was found that in fiscal year 2016, there were 1,716 examinations of MSB’s with a total potential tax revenue of $3 billion. Fast forward to the present, and the IRS appears to be conducting more Title 31 exams in 2021 than previous years. If you operate as an MSB or provide compliance advice to companies operating as MSBs, this blog post will be informative on what to expect during a Title 31 audit by the IRS.

FinCEN’s proposed rule to make Bitcoin a Monetary Instrument

FinCEN issued a notice of proposed rule making — they gave a whole 15 days for comments — and propose to make Bitcoin and other digital currencies fall under the definition of monetary instrument. This means extra reporting for Banks and Money Service Businesses (MSBs). If the rule goes through, MSBs will need to keep a monetary instrument log, recording any transactions valued between $3,000 — $10,000.

AML & KYC for Bitcoin ATMs, What Does It Mean?

Know Your Customer or KYC is a building block of our financial structure that allows banks and non-bank financial institutions to prevent future illicit activity while also giving regulators their peace of mind. The Bank Secrecy Act, or, BSA is legislation created in...

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