Bitcoin Depot Will Require ID for 'Every Transaction' at ATMs Amid Growing Pressure
Bitcoin Depot will now require customers to verify their identities every time they use its ATMs, enhancing compliance procedures amid scrutiny from state prosecutors over fraud concerns. This new policy aims to reduce account sharing, identity theft, and fraudulent activities by mandating a personal ID for each transaction. The change follows previous requirements for ID upon initial use, implemented in October. Bitcoin Depot, which operates 8,800 ATMs across North America, has experienced significant stock declines, with an 80% drop over six months. Regulators in states such as Massachusetts and Iowa allege that the company has profited from scams targeting seniors, often involving irreversible Bitcoin transactions. In 2025, $333 million was lost to crypto ATM fraud, prompting 14 states to enact regulations, including transaction limits. Massachusetts is seeking court orders to force Bitcoin Depot to increase safeguards, including requiring additional fraud prevention steps for transactions over $10,000. While Iowa’s court allowed Bitcoin Depot to retain scam-related funds due to customer attestations, the company recently agreed to repay victims in Maine following regulatory action.
