Bitcoin Depot, a cryptocurrency ATM network, announced on Thursday that it now operates more than 500 ATMs in the United States. The company claims that this makes it the largest crypto ATM network in the world.
The network, which is headquartered in Atlanta, runs over 100 cryptocurrency ATMs in its home city and has expanded to over 30 states across the US since 2016.
“The expansion of Bitcoin ATMs increases acceptance and use of bitcoin for financial transactions and makes everyday transactions easier for everyone," the Bitcoin Depot CEO Brandon Mintz said in a press release.
The company aims to improve access to digital finance “for underbanked communities around the United States,” according to its statement. Bitcoin Depot also said it opened over 200 ATMs last quarter and “aims to surpass 1,000 ATMs by the end of 2020.”
With the expansion, Bitcoin Depot surpassed competitor Coin Flip as the top Bitcoin ATM operator in the world, according to Coin ATM Radar, a website that tracks the industry.
Massive expansion of Bitcoin ATMs has the Feds watching
The number of Bitcoin ATMs worldwide surpassed 5,000 just last June. Now, as of today, there are 4,552 crypto ATMs in the U.S, and 6,709 worldwide, according to Coin ATM Radar. The industry has rapidly expanded since the first Bitcoin ATM in the world opened in Vancouver, Canada, in 2013.
And, as a result of this expansion, tax authorities around the world have their eyes on the industry.
In November, an IRS investigator said they believe many crypto ATMs may not be adhering properly to know-your-customer (KYC) and anti-money laundering (AML) regulations. And in Spain last Summer, police announced take downs of money-laundering operations being conducted through Bitcoin ATMs.