Ah, the age of crypto, where even the digital gold requires a passport! Americans, in their infinite wisdom, lost a staggering $333 million to crypto ATM fraud last year-a sum so vast it could buy a small kingdom, if only that kingdom were run by scammers.
Enter Bitcoin Depot, the self-proclaimed king of Bitcoin ATMs, who has now decreed: “No ID, no Bitcoin! Simple as a farce!” Starting February, even a casual transaction demands your ID, as if the machine were a picky Parisian waiter.
A History Of Half-Measures
One might think Bitcoin Depot had never tried to curb fraud before. Indeed, in October 2025, they introduced ID checks for new users-only to let returning customers waltz through without a second glance. A gap wide enough for a scammer to slip through, much like a character in a Molière play who always misses the punchline.
The FBI’s data on crypto ATM fraud is a tale of woe, with scammers preying on the elderly like vultures. They coach victims into feeding cash into ATMs under false pretenses-fake government notices, phony tech support calls-then vanish, leaving victims with nothing but a headache and a ledger of losses.
Legal Heat From All Directions
Bitcoin Depot has not only faced bad headlines but also lawyers, as if the legal system were a comedic chorus. Massachusetts’ Attorney General, Andrea Campbell, sued them, accusing them of knowingly enabling scams while stripping away fraud protections. A courtroom drama, if ever there was one.
Maine, ever the practical joker, demanded a $1.9 million settlement, while Iowa’s Supreme Court ruled that Bitcoin Depot could keep scam cash, since customers “confirm” they own the wallet. A legal farce, indeed.
According to reports, at least 17 states now demand better protections at crypto ATMs, as if the world were finally catching up to the chaos.
9,000 Machines, One New Rule
Bitcoin Depot’s reach is vast, with 9,000 kiosks across North America-a kingdom of crypto ATMs. CEO Scott Buchanan frames the new ID policy as a “security upgrade,” not just a legal shield. “By verifying identities, we protect customers and maintain integrity,” he declares, as if the machine were a nobleman.
Continuous verification, he claims, will flag suspicious behavior. A new era of vigilance, where every transaction is a scene in a comedy of errors.
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2026-02-25 20:13