Cash-to-crypto industry leaders have announced the formation of the Cryptocurrency Compliance Cooperative (CCC).
Founder members include Bitcoin ATM (BTM) operators DigitalMint and Coinsource, as well as blockchain analysis platform Chainalysis, among others. The mission of the collaborative association is to create a safer environment for consumers through legitimizing the cash-to-cryptocurrency industry. They hope to achieve this by bolstering compliance standards that many currently consider insufficient.
“While a small number of Bitcoin ATM operators go above and beyond with know your customer (KYC) and anti-money laundering (AML) protocols, others in the cash-to-crypto industry simply turn a blind eye and are complacent to these bad actors by simply applying the bare minimum customer protections, which in many cases allow for completely anonymous transactions,” said DigitalMint Director of Compliance Seth Sattler, a leading contributor of the Cryptocurrency Compliance Cooperative.