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It sounds to me like bitcoin ATM operators should hold clients' funds for some time to allow for recovery in the case of fraud. But of course we know that they
by Nursie 1y ago
It sounds to me like bitcoin ATM operators should hold clients' funds for some time to allow for recovery in the case of fraud. But of course we know that they would have very little business if they did that. Crypto enthusiasts never use them anyway because their rates are terrible, the only real use-case for these machines is scams and money laundering.
In some countries (the UK is one) there is no such thing as a legal bitcoin ATM. Australia appears to be trying to tighten up some of the law in this area too, and it looks like a $5k transaction limit came in. Frankly I think they should be removed everywhere.
In the cases in the article … I mean in some respects the ATM is holding the proceeds of crime right there. It’s an interesting conundrum and it strikes me I don’t know the answer to this - if I was to steal $1k physical money out of your pocket and use it to buy stuff in a shop, and I can’t be traced, would the shop owner have to return the money? With goods they certainly would.