ARE BITCOIN ATMS ANONYMOUS?
Bitcoin ATMs are anonymous. In fact, anonymity is one of the more major security measures. Cryptocurrency is largely anonymous, however, Ben Weiss, CEO of CoinFlip claims that Bitcoin, “is not anonymous. It’s pseudo-anonymous. You can’t buy any large amount of Bitcoin without KYC or ID or driver’s licenses.” However, he did claim that “Bitcoin is actually more transparent in many ways than typical things in the financial system.”
Due to Bitcoin ATMs being regulated by FinCEN, operators are required to uphold a Know Your Customer program (KYC), which requires them to gather certain customer information. While this takes away from Bitcoin ATM’s anonymity, the KYC programs are in place to keep Bitcoin ATMs compliant with federal law, keeping customers and operators safer in the long run.
