ChainBytes, LLC Announces Joint Initiative with BTM Compliance, LLC to Improve AML/KYC Processes for Bitcoin ATMs

ChainBytes, LLC, a Bitcoin ATM manufacturer based in Whitehall, PA, announced a joint initiative with BTM Compliance, LLC to help improve Anti-Money Laundering/Know-Your-Customer (AML/KYC) compliance processes for Bitcoin ATM kiosks.

The collaborative effort seeks to study and recommend enrichments to Bitcoin ATM operating systems to help improve data management, transaction monitoring, and operator compliance with federal AML/KYC regulations.

Federal AML/KYC regulations help law enforcement officials tamp down on money laundering, fraud, and other unlawful financial activity.

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Eric Grill, CEO of ChainBytes said, “Bitcoin ATMs are an important onramp for millions of retail customers wanting to get involved in the Bitcoin and cryptocurrency space. Improving fraud protection and AML/KYC best-practices are key to keeping Bitcoin ATMs safe, secure, and accessible to legitimate consumers.”

Statistics show the adoption of Bitcoin ATMs to be growing at a rapid pace. Recent estimates indicate there are now over 29,000 Bitcoin ATMs in the United States. (Source: cointatmradar.com)

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Jeremy Snyder, CEO of BTM Compliance said, “Working to identify improvements that would make Bitcoin ATM transactions safer, more compliant, and more secure are a win-win for operators, regulators, and retail customers alike.”

ChainBytes, LLC is a veteran-owned, U.S.-based Bitcoin ATM company based in Whitehall, PA that serves customers in the central Pennsylvania and Lehigh Valley areas.

BTM Compliance, LLC is a veteran-owned and operated, U.S.-based company that offers custom-built compliance solutions including AML/KYC controls for Bitcoin ATM kiosk operators.

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