IRS Turns Focus On Bitcoin ATMs


The Internal Revenue Service is sending a clear message of increased focus on the cryptocurrency community, particularly those involved in ATM and kiosk sales. At a Nov. 15 blockchain software conference, IRS Criminal Investigation Chief John Fort offered a warning that the agency is looking into the potential of criminal activity surrounding the use of the machines.

According to an interview Fort gave to Bloomberg Law, cryptocurrency ATM operators are subject to “know your customer” anti-money laundering regulations as well as standard tax regulations. Some of Fort’s tax compliance concerns were previously voiced by Suzanne Sinno, an attorney in the IRS Office of the Associate Chief Counsel during a speech Nov. 13 at the American Institute of CPAs conference in Washington, D.C.

Estimates of the number of Bitcoin and other cryptocurrency ATMs currently on location in the U.S. vary from between 3,000 and 4,000.


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