IRS Criminal Investigation Chief and Team Put Crypto ATMs and Kiosks on Their Radars

Internal Revenue Service's criminal investigation team is starting to put a 'very' heavy emphasis on tax issues regarding ATMs and Kiosks dealing in cryptocurrencies.

Chief John Fort, an agency official at the Internal Revenue Service shared with Bloomberg Law that the agency’s criminal investigators are “very” focused on the tax issues surrounding Bitcoin ATMs and kiosks. Fort also indicated that the team is working with officers and law enforcement partners to police illicit activity concerning the technology.

He further shared with Bloomberg Law during a blockchain conference that the agency is looking into kiosks and ATMs that are not just connected to bank accounts. The machines are present in many major cities in the United States and they permit users to convert fiat currency to a type of cryptocurrency.

Fort added that these machines must follow know-your-customer and anti-money laundering regulations. There appears to be compliance issues with these rules as well.

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Rebecca Asseh
Rebecca Asseh
Rebecca Asseh is a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this technology in the simplest language possible.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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