The company has conducted a review of all US-based Bitcoin ATM (BATM) interactions

Money launderers are likely to benefit from US Bitcoin ATMs. Source: shutterstock.com

According to CipherTrace, on average, US BATM users sent more funds to high-risk exchanges than low-risk in 2019. This way, the percentage of funds sent to high–risk exchanges has seen rapid growth, doubling every year since 2017.

The purpose of Bitcoin ATMs is that they allow people to buy and sell crypto directly from an exchange. As a result. they eliminate the necessity of having a digital wallet since the ATMs create them.

The report highlights that high-risk exchanges are known for facilitating criminal activities and money laundering.

CipherTrace has also found that while only 12% of funds US BATMs sent US-based exchanges in 2019, 88% of the BTC sent to cross-border exchanges.

We’ve reported that Bittrex Global?has announced?it will now accept Mastercard as a source for funding user accounts. The new partnership supports Bittrex’s goal of increasing adoption and accessibility to distributed ledger technology.

SEE ALSO:

• Kyber Network: how it’s different from other crypto projects
• Server hacks, ATM attacks, data thefts: most outrageous cyber attacks
• How do cardless ATMs work: pros & cons