TechFlow news, February 25: According to a Decrypt report, cryptocurrency ATM operator Bitcoin Depot will begin verifying the identity of users for every transaction, voluntarily enhancing its compliance procedures. The company began rolling out this policy in phases earlier this month, following its introduction in October last year requiring customers to provide identification upon their first use of its services.
Scott Buchanan, CEO of Bitcoin Depot, stated that verifying identities for each transaction helps uncover patterns that may not be apparent during the user registration stage. This measure aims to reduce illicit activities such as account sharing, identity theft, and account takeover.
According to FBI data, Americans lost $333 million to cryptocurrency ATM-related fraud in 2025. Bitcoin Depot currently operates approximately 8,800 ATMs across North America; however, its stock price fell 6.7% on Tuesday and has declined 80% over the past six months. The company is currently facing charges from prosecutors in Massachusetts and Iowa, who allege it knowingly profited from scams targeting elderly individuals.
