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Bitcoin Atm Operators

Federal Law & Regulations For Bitcoin Atm Operators: Blockchain And Financial Services Blog | Frost Brown Todd

Federal Law & Regulations For Bitcoin Atm Operators: Blockchain And Financial Services Blog | Frost Brown Todd

Authored by: William T. Repasky , Jeffery T. Gorham Most businesses must deal with federal, state, and local laws and regulations from time to time. Operators of Bitcoin ATMs are no different. For such operators, the primary regulations arise out of the federal Bank Secrecy Act (the BSA), as discussed below, and the state-level money transmitter laws are discussed in another article. First signed into law in 1970, the BSA now sets-forth the duties financial institutions must follow to assist the government in the detection and prevention of money laundering and terrorism financing. The Act also prescribes transactional reporting obligations and federal registration requirements. The Act is construed and administered by implementing regulations. Those regulations are administered by the Financial Crimes Enforcement Network (FinCEN), which is a part of the US Department of Treasury. [1] The BSAs defines financial institutions broadly and now includes the term money services business (MSB). [2] If one is an MSB, and thus a BSA financial institution, the Acts registration, reporting and recordkeeping requirements apply. As those who are operating in the traditional ATM space may know, compliance with the BSA is generally not an issue, even for non-bank operators. [3] However, the introduction of Bitcoin tokens [4] or other virtual currencies into the ATM world complicates matters. In measure, this is because virtual currencies came about only after the BSA was written, and that since then FinCEN has struggled to fit the round (and changing) peg of virtual currency into the square hole of the Act and its implementing regulations. FinCENs position is that the type of funds involved in a funds transmission, whether fiat or virtual currency, is generally irrelevant to its auth Continue reading >>

National Remote Cash Deposit Services For Bitcoin Atm Operators

National Remote Cash Deposit Services For Bitcoin Atm Operators

National Remote Cash Deposit Services for Bitcoin ATM Operators BankLine frees Bitcoin ATM operators from geographic restraints with groundbreaking national Remote Cash Deposit Services. MIAMI, Oct. 24, 2017 /PRNewswire/ --BankLine, in partnership with TransGuardian and Rapid Armored , announces insured "next day" or 1-3 day transfer of funds via any USPS location in the USA. Bitcoin ATM operators now have a way to securely transport cash for electronic credit to their account. The service is "bank agnostic"and eliminates any geographic boundaries of their financial institution service footprint, or its contracted cash logistics courier. BankLine provides a centralized management system that tracks cash shipments from any Bitcoin ATM location in the U.S. This is a huge step forward for Bitcoin ATM operators in need of a safe and efficient way to cash deposits for electronic credit to a business operating account. The service can also be used to transport cash from a Bitcoin ATM location to either a bank vaultor to a parent organization's regional or central location. TransGuardian was originally formed to handle collectibles, fine art, jewelry, gems, and other high- value items. BankLine, TransGuardian, and Rapid are now offering Remote Cash Deposit Services to provide the industry with a safe and efficient mechanism for the transportation of cash. Via TransGuardian's partnership with the United States Postal Service underwritten by Lloyds of London, BankLine is exclusively licensed to the tracking module RADAR, which enables proactive tracking and tracing through the mail stream. The USPS can pick up from, and deliver to, any business location within the U.S. or its territories. Rapid is a licensed Armored Car Carrier under the United States Department of Transportati Continue reading >>

Two Of Singapores Three Bitcoin Atms Crashed Last Week

Two Of Singapores Three Bitcoin Atms Crashed Last Week

It is a public secret that most cryptocurrency exchanges dont have the infrastructure in place to cope with growing user demand. Kraken is aprime example of this, and Coinbase experienced somemajor issuesthis week as well. Surprisingly, Bitcoin ATMs are not immune to theseproblems either. Twosuch machines in Singapore simply stopped working recently as there was too much networkcongestion to properly process transactions. Although the public is still divided on theusefulness of Bitcoin ATMs , they certainly make it easier and more convenient to purchasevariouscryptocurrencies with cash. Moreover, these machines look and feel like regular bank ATMs, which only makes them more attractive to the general public. So far, these machines have seen some degree of success in the US, South America, and even Singapore. Unfortunately, two machines in Singapore experiencedserious problems last week. Theycrashed last Friday, simply because they couldnt sell BTC for a total of three days straight. According to the operator , Bitcoin network congestionwas to blame for this development. Most cryptocurrency usersare well awarethat the Bitcoin network charges high fees andexperienced a massive backlog late last week. Bothmachines, located at Hong Lim Complex and Tiong Bahru Plaza, were eventually brought back online and their services resumed. However, the Bitcoin priceunderwent some big changes in recent days, and people looking to use the machines to purchase cryptocurrency were not too amused. Buying Bitcoin is on a lot of peoples minds right now,and if the means to do so simply cant keep up with consumer demand, a problem will arise pretty quickly. It is evident the current Bitcoin craze is creating a lot of excitement. Sadly, there is no company capable of doing anythingwhen the Bit Continue reading >>

Northsight Capital To Acquire Bitcoin Atm Operator, Westcliff Technologies As Part Of Northsights Expansion Strategy

Northsight Capital To Acquire Bitcoin Atm Operator, Westcliff Technologies As Part Of Northsights Expansion Strategy

Northsight Capital to Acquire Bitcoin Atm Operator, Westcliff Technologies as Part of Northsights Expansion Strategy Westcliffs revenues over the past two and a half years aggregated approximately $9 million dollars. Scottsdale, AZ, Nov. 16, 2017 (GLOBE NEWSWIRE) -- Northsight Capital Inc. ( OTCBB: NCAP ) announced that it has signed a preliminary agreement to acquire 80% of Westcliff Technologies. Westcliff currently operates a digital asset retail brokerage as National Bitcoin ATM and provides consumers the ability to purchase Bitcoin instantly through a network of kiosks (ATMs) located in the United States. The company has 24 kiosks producing an average of $180,000 per year each, or approximately $4 plus million a year and has transacted $9.2 million since inception in June 2015. At the current revenue levels, the company is not profitable. Westcliff has been working exclusively in the blockchain space since inception. Northsight is also acquiring 49% of Westcliffs ICO (Initial Coin Offering) and wallet platforms, which are currently under development and pre-revenue. Westcliff will be re-branding and is developing additional revenue generating products and services to offer their customers while expanding their footprint. Their mobile wallet platform is for customers to buy, sell, store, and send their digital assets. Additionally, they are expanding their network to offer physical and online access points for customers to purchase bitcoin and other digital assets using many different forms of payment. Lastly, Westcliff is developing a proprietary rewards/membership token based on the Ethereum protocol that will be available to the public through an initial coin offering. This token will also be available for purchase on their brokerage platform for consumers. The Continue reading >>

Bitcoin Atm Map Find Bitcoin Atm, Online Rates

Bitcoin Atm Map Find Bitcoin Atm, Online Rates

Bitcoin machine gives an easy and fast way to buy and sometimes sell bitcoins for cash. Asking yourself where is bitcoin ATM near me ? Use our map to find closest locations. Among other details provided you can find online prices, bitcoin ATM fees and limits for many bitcoin machines. Don't know how to use a bitcoin ATM? Start with our tutorials: How to use bitcoin ATM for buying bitcoins and How to sell bitcoins for cash using bitcoin ATM . If you decided to run your own bitcoin ATM check how to launch a bitcoin ATM , what are the most important steps and processes to be organized. Continue reading >>

Bitcoin Atm Operators Ceo Makes Ey Entrepreneur Of The Year Awards Final

Bitcoin Atm Operators Ceo Makes Ey Entrepreneur Of The Year Awards Final

Bitcoin ATM Operators CEO Makes EY Entrepreneur of The Year Awards Final A Bitcoin company CEO has made Ernst & Youngs Entrepreneur of the Year Awards for the first time in 2017. Bitcoin ATM operator Coinsources CEO has become the first Bitcoin figure shortlisted for the Ernst & Youngs Entrepreneur of the Year Awards . Joining a group of 45 finalists for the Southwest region, Sheffield Clark and CMO Bobby Sharp will go through to the national final, the winner of which will be announced June 24 in Dallas, Texas. We are so proud to announce that our very own CEO & CMO were selected as finalists for #EntrepreneurOfTheYear Award! It is an honor to be considered alongside such an elite group of talented, driven and selfless individuals, Clark commented in a press release . We are extremely excited to be recognized in traditional business circles and it's testament to the growth and adoption in the bitcoin space. Other names on the list include 7-Eleven CEO Joseph DePinto and RISE CEO Nicholas Kennedy. The news is the latest in a series of successes for Coinsource, which has grown to become the USs largest Bitcoin ATM operator following a slew of new openings across the country. ...One of our main goals was to help those a little less fortunate by providing the unbanked and underbanked with cash to bitcoin, and bitcoin to cash conversion, Clark added. Despite the companys market dominance, the Bitcoin ATM scene is heating up rapidly. Last month, UK-based operator Bitlish told Cointelegraph of its giant plans to roll out 5,000 ATMs in Europe by the end of 2017. Such numbers would easily place Bitlish at the top of the tables of ATM owners, with individual installs done by various regional partners. Continue reading >>

Digitalmint - Buy And Sell Bitcoin At Our Atms & On-demand Tellers

Digitalmint - Buy And Sell Bitcoin At Our Atms & On-demand Tellers

We are committed to your privacy. Any information you share with us is encrypted and handled securely. There is more to learn about digital currencies, but don't worry we have you covered. Choose the topic below that meets your interest. We understand bitcoin can be confusing at first. Dont worry were here to help. Our Bitcoin Basic series will get you up to speed in no time! Start it today Did you know Microsoft, Overstock, and Zynga accept bitcoin? Those are just to name a few. Using bitcoin is easy to buy and sell once you have a wallet you trust. Most of our customers use Jaxx or Mycelium BTC wallets. These wallets allow you to store your currency securely and directly on your device. Then your bitcoin is readily available at your fingertips to send wherever youd like! Simply hit send or receive in your wallet and use the unique QR code to securely transact with your bitcoin. Are you a location owner? Interested in growing your revenue? Learn how easy it is to host a Digital Mint service in your location, and how selling bitcoin can increase revenue! Learn more today . Continue reading >>

How To Start Your Own Bitcoin Atm Business

How To Start Your Own Bitcoin Atm Business

How to Start Your Own Bitcoin ATM Business The number of Bitcoin ATMs (BTMs) is growing everyday, and so are the number of people entering the industry. In order to operate a lucrative BTM business, many costs and risks need to be considered. Also read: The US Reigns Supreme in the Bitcoin ATM Industry The revenue from a BTM depends on several factors, explains Vlad of Coinatmradar , a website that tracks BTM locations. The machines location is of utmost importance. A profitable BTM is often found in a conveniently accessible area with high foot traffic and general public Bitcoin interest. Some BTM operators listed on Coinatmradar For machines placed in an establishment, the opening hours and type of business are also very important. Restaurants and pizzerias are the most popular locations for BTMs, Vlad noted . Based on data from 952 BTMs listed on his website worldwide by 20 manufacturers and 193 operators, Vlad said that operators reported on average a BTM brought in roughly $30,000 a month in transaction volume. On the lower end of the scale, some operators reported bringing in between $20,000 and $25,000 per machine while others reported up to $100,000 per machine. Overall, he noted that: We find a volume of $30K quite realistic to receive at a good location with enough visibility and promotion on the internet. The revenue per machine depends on the fee charged by the operator. Currently, the average BTM fee is 8.48 percent for buying bitcoin and 5.64 percent for selling, according to Coinatmradars calculations . There are many costs associated with running a BTM which vary based on factors such as machine type, manufacturer, country, and currency. Currently, the price of a machine ranges from $775 for a Bitteller BTM to $14,500 for a two-way Genesis Coin Genesis1 Continue reading >>

How Much Can I Expect To Make Owning A Bitcoin Atm?

How Much Can I Expect To Make Owning A Bitcoin Atm?

Im running coinatmradar.com website, which tracks bitcoin ATM locations (about 800 as of this writing) and other services where you can exchange cash to bitcoin and vice versa (about 35K on the site), and also there are iOS and Android app for finding bitcoin ATM locations. I have been watching the market grow from the very beginning in 2013 and have been in touch with many operators in the industry. Here are some figures to answer your question. Revenue stream of a bitcoin ATM depends on several main factors: location (convenience to access, traffic volume) public interest (some countries, states, and cities have different levels of adoption, e.g. US is ahead other countries with respect to demand for bitcoins, this is why there are most machines installed) Customer support (it is very important to build long-term relations with customers) Machines availability (many things here, e.g. hours to access, or how many times machine is broken, no internet connection outage, no cash or no bitcoins in stock, hence sell or buy BTC function is not working etc) On average machines bring $2030K at a good location per month in volume. Cost of machine purchase (cheapest $3K buy only option, but others at about $6K, buy and sell are in about $79K range) Legal expenditure (initially and ongoing maintenance) (see below) Liquidity frozen in stock (be it fiat on exchange, or BTC in your hot wallet to make machine operational), $1015K for machine smooth operation, bigger when you run a network, but not that much per each machine as you can share wallet or exchange account across your network. Servicing machine, e.g. when broken, cash collection, BTC replenishment, including costs of aquiring bitcoins - ideally you bring cash to bank, wire to exchange and buy BTC on the market, but findin Continue reading >>

An Interview With A Crypto-atm Operator: Bringing Bitcoin Atms To Every Corner

An Interview With A Crypto-atm Operator: Bringing Bitcoin Atms To Every Corner

An Interview with a Crypto-ATM Operator: Bringing Bitcoin ATMs to Every Corner Chicago, IL CCN correspondent Eric Eissler had a chance to sit down withChief Operating Officer Benjamin Weiss of CoinFlip at its Chicago headquarters to learn about the company, the ATMs, and the general outlook on cryptocurrency. CoinFlip makes ATMs to buy and sell Bitcoin, Litecoin, and Ethereum. In the United States, there are 1,545 cryptocurrency ATMs according to CoinATMRadar. The first Bitcoin ATM manufactured by RoboCoin appeared in Vancouver, Canada in 2013 and since then the industry is growing at a rapid rate with many companies producing ATMs, however, the majority of ATMs only buy and sell Bitcoins.North America has 76% of all the worlds crypto ATMs, followed by Europe with 19.5% and Asia with only 2.10% of crypto ATMs which is rather surprising given all the crypto activity in Japan and South Korea. For more information and statistics on crypto, ATMs check out more from CoinATMRadar . Coinflip was founded in December of 2015. The company operates cryptocurrency ATMs that allow buying and selling of Bitcoin, Litecoin,and Ethererum all in one terminal.The rate charged at all CoinFlips ATMs is 6.9% above GDAX (Coinbase) spot price for buys, and 3.5% below for sells. The industry average buy rate is 8.86% based on 1,402 operational crypto ATMs. Buy and sell percentages are higher than using an online exchange, but the advantage is it is instant and in cash. For many online exchanges, there is a long lag period (usually days until the funds are in place) when buying with an ACH transfer from a bank. Benjamin Weiss: We try to bring a physical aspect to something that is very abstract to people and that is why the ATMs have been such a big success so far. We have machines in over seve Continue reading >>

Bitcoin Atms Popping Up Around San Diego

Bitcoin Atms Popping Up Around San Diego

San Diego County now has 27 Bitcoin ATMs with more on the way. San Diego County now has 27 Bitcoin ATMs with more on the way. San Diego County now has more physical locations to buy bitcoin, a digital currency rising rapidly in price. Bitcoin has seen a more than 1,000 percent price increase in a year. Some people looking to buy or sell choose to use specialized ATMs that charge a fee. San Diego County went from five machines in 2016 to 27 in 2017. Its a bitcoin gold rush and, for better or worse, its showing up in places you might not expect in San Diego. Potential investors in the digital currency now have increasing opportunities to buy it at brick-and-mortar locations with bitcoin ATMs in coffee shops, bodegas and bars. The ATMs, which sometimes charge high fees, offer a way to quickly invest in bitcoin. With a nearly 1,300 percent price increase in 2017, ATM operators are betting on businesses and consumers looking to get in on the craze. There are now 27 bitcoin ATMs in operation in San Diego County, said cryptocurrency tracker Coin ATM Radar. The first eight opened in 2014, but by 2016 there were just five, the company said. As the price of bitcoin soared, so too did the number of machines. In 2017, 29 machines were added (while seven closed). There are also three bitcoin ATMs in operation across the border in Tijuana. Bitcoin was invented in 2008 as an alternative to government-backed currencies. Because of its ability to be used anonymously, it has gained a reputation among some as a way to purchase illegal items. In 2017, the value of bitcoin increased from $997.69 on Jan.1 to $13,860.14 by Dec. 31, said CoinDesk. While many of bitcoins earlier and most passionate adopters were those who saw the currency as a way to take back control from governments and bank Continue reading >>

Bitcoin Atm Operators Know What The Real Bitcoin Is. - Btc

Bitcoin Atm Operators Know What The Real Bitcoin Is. - Btc

Bitcoin ATM operators know what the real Bitcoin is. That they do! Lamassu has written about how hard it is for ATM operators when the fees are terribly high and the unreliable confirmations. Yes, because they use small amounts and use unconfirmed inputs for the next client. When I used an ATM in spring it took a long time to get my bitcoins because they where in a chain of many unconfirmed inputs of which everyone was not immediately included in a block. Fortunately in spring the situation was better than today or I would have had to wait days. Roger Ver - Bitcoin Entrepreneur - Bitcoin.com I have BTC, but looking into BCH, I just got in the crypto game in August. How do I buy and store it? I use coinbase (which I know is for newbies, but Im getting my feet wet) Im wanting to dabble in more. Learn about hot and cold wallets.Hot = riskyCold = less riskyUnderstand that anywhere your private key exists, is a potential failure point. If that is a Windows PC, recognize there are likely many security flaws.Understand that you don't "store" bitcoin anywhere. All you can control are the keys to access and spend bitcoin controlled by those keys. Understand that keys are data, and can be copies.If anyone controls your keys, they control your.. no, their bitcoin.. If you want to make a cold wallet, such as a paper wallet, test out the funding, and recovery of a small amount. Do not "test" something with a substantial quantity. There is no "undo" button. On the bright side, you can make small transactions with BCH without spending much on fees, so just go for it. Make a cold wallet.. Send 50 cents to it. Make sure you can access that 50 cents. Understand that if you make a cold wallet such as a paper wallet, and import the private key to a hot wallet, your cold wallet is no longe Continue reading >>

A Regulatory Primer For Bitcoin Atm Operators - State Law & Regulations Blogfinancial Services Blog

A Regulatory Primer For Bitcoin Atm Operators - State Law & Regulations Blogfinancial Services Blog

A Regulatory Primer for Bitcoin ATM Operators - State Law & Regulations Depending on the state where the Bitcoin ATM operator sets up the business, the operator may or may not need to comply with that states laws, regulations and/or licensing. For operators, the primary state-level matters of concern are typically its state or states of operations money transmitter laws. At the federal law level, Money Services Businesses (MSB) as defined by the Bank Secrecy Act, must register with FinCEN and thereafter comply with the BSAs mandates. For a discussion of the federal law issues, see Federal Law & Regulations for Bitcoin ATM Operators. In addition, nearly all the states have promulgated their own laws and regulations, which will be an additional layer of compliance to be navigated by the Bitcoin ATMs operators. Therefore, Bitcoin ATM operators need to consider both state and federal regulatory requirements. Nearly every state has enacted a licensing scheme governing money transmitters or money services business operating within their borders. In fact, only Montana and South Carolina have opted to not affirmatively adopt such a scheme. Of the other states, 13 states have enacted or proposed laws regarding virtual or digital currency (VC) and its associated MSBs. However, the other states which have not explicitly included VC in its laws will still take the position that MSB activity, regardless of whether it is VC-based, will require licensure and oversight. The following is a discussion of a few states which have affirmatively chosen to require Money Transmitter Licenses (MTLs) for VC MSBs, and other state requirements which may touch and concern Bitcoin ATM operators, with much of these requirements being implemented or proposed in 2017 . Some States May Not Require Regi Continue reading >>

Bitcoin Atm - Wikipedia

Bitcoin Atm - Wikipedia

This article has multiple issues. Please help improve it or discuss these issues on the talk page . This article contains content that is written like an advertisement . Please help improve it by removing promotional content and inappropriate external links , and by adding encyclopedic content written from a neutral point of view . ( Learn how and when to remove this template message ) The examples and perspective in this article deal primarily with North America and do not represent a worldwide view of the subject. You may improve this article , discuss the issue on the talk page , or create a new article , as appropriate. ( Learn how and when to remove this template message ) A two-way Bitcoin ATM in Toronto, Canada, that allows users to buy or sell bitcoins using cash A bitcoin ATM is an internet machine that allows a person to exchange bitcoins and cash . Some Bitcoin ATMs offer bi-directional functionality; these machines enable both the purchase of Bitcoin as well as the redemption of Bitcoin for cash. In some cases, Bitcoin ATM providers require users to have an existing account in order to transact on the machine. Bitcoin machines are not ATMs in the traditional sense and probably use the wording ATM as a neologism . Bitcoin kiosks are machines which are connected to the Internet, allowing the insertion of cash in exchange for bitcoins given as a paper receipt or by moving money to a public key on the blockchain. They look like traditional ATMs, but Bitcoin kiosks do not connect to a bank account and instead connect the user directly to a Bitcoin exchange . According to an advisory issued by the Consumer Financial Protection Bureau , "they may also charge high transaction fees – media reports describe transaction fees as high as 7% and exchange rates $50 over Continue reading >>

A Beginner's Guide To Operating Your Own Bitcoin Atm

A Beginner's Guide To Operating Your Own Bitcoin Atm

Last updated on October 13th, 2017 at 06:54 pm The following post is a guest post by Joe Ciccolo, the Founder & President of BitAML .He can be reached at [emailprotected] . Theres a great deal of excitement around the bitcoin ATM space. And why not? Terminals are popping up all over the United States, and around the world. Since this time last year, the number of bitcoin ATMs has risen by over 55%. Of this growth, 20% has occurred in Q1 of 2016 alone. Every day, two new terminals come online somewhere in the world. The appetite among both consumers and bitcoin ATM operators is undeniable. Consumers enjoy a simple, user-friendly, and familiar onramp. The sale of fiat paper currency for bitcoin can be completed within a matter of seconds. To the consumer, especially bitcoin regulars, these new age vending machines have become a popular alternative to bitcoin exchanges, which tend to suffer from longer processing times, stricter controls, and arguably colder customer service. For operators, the barriers to entry are much lower in comparison to most bitcoin business models, not just bitcoin exchanges. Rather than coding an app and developing cumbersome infrastructure, as an operator you simply purchase your technology from a bitcoin ATM manufacturer. This is the complete list of Bitcoin ATM manufacturers available today. ATMs vary from one another in size, price and functinality. For example, some ATMs can only accept Fiat and dispense Bitcoins. Others also allow you to send in Bitcoins and get Fiat in return. So All thats left to do is find a location and plug er in, right? Wrong! Ordering and taking delivery of your terminal should be one of the last steps in your business planning. AML compliance should be step one! Yes, thats right, I said itAML compliance should be st Continue reading >>

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