Technology

GAO Report Suggests Tightening Regulations on Crypto ATMs

As regulators worldwide consider ways to police cryptocurrency, the U.S. reports use of crypto payments to enable illegal human and drug trafficking is on the rise. In its 80-page report “Virtual Currencies: Additional Information Could Improve Federal Agency Efforts to Counter Human and Drug Trafficking,” the Government Accountability Office (GAO), said crypto ATMs were partly responsible for the surge because the machines have fewer rules than crypto exchanges and transactions are more difficult to trace.“As [crypto] market usage expands, FBI officials said they expect to see an increase in the use of virtual currency kiosks for illicit purposes, including for human and drug trafficking,” said the GAO, the agency that provides auditing, evaluation, and investigative services for the Congress.

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