Crypto

The IRS Will Shift its Focus to Users and Operators of Bitcoin ATMs and Kiosks

In a new statement, the IRS confirms it will continue to focus on cryptocurrency activities. Particularly those individuals and companies operating Bitcoin ATMs and Kiosks may see some intervention pretty soon. 

As the IRS continues to target cryptocurrency users, they are doing so in a deliberate manner.

Bitcoin ATMs may Facilitate Tax Evasion

First, they want after traders of Bitcoin and altcoins who might not have reported their taxes properly.

Secondly, they tackle the concept of token airdrops and other proceeds that might fall under their purview.

In the latest turn of events, the agency has confirmed Bitcoin ATMs and kiosks are next on the agenda.

There could be a number of potential tax issues raised by this particular industry, according to an IRS spokesperson. 

No public cases involving Bitcoin ATMs or kiosk have been filed by the agency to date.

Related Post

On paper, these machines may allow for some illicit activities, such as small-scale money laundering.

Additionally, the agency suspects several operators might be operating these machines without having any funds connected to a bank account. 

There are also some questions as to whether all of these machines perform the necessary KYC and AML procedures.

Most of the Bitcoin ATMs and kiosks around the world are located in the US, as it is the most competitive region by far.

As such, both operators and users of these machines could become subject to additional IRS scrutiny in the months ahead. 

Despite this rather aggressive strategy, all of these efforts are designed to make cryptocurrencies more legitimate. 

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Brian Armstrong Sets Course for AI-Driven Transformation As Coinbase Cuts 14% of Workforce

Coinbase is about to undergo one of its largest structural reorganisations in some time, with…

10 hours ago

$150M Crypto Ponzi Scheme Crumbles, Forming Global Fraud Network As Investigators Freeze $41.5M

The suspicious DSJ Exchange (DSJEX) and BG Wealth Sharing scheme, now confirmed a Ponzi operation,…

10 hours ago

BlackRock And Fidelity Lead $532 Million In Institutional Bitcoin ETF Inflows As Demand Soars Following Ceasefire

Demand from institutions is heating up again, with U.S. spot Bitcoin ETFs logging a tally…

1 day ago

Western Union Launches USDPT Stablecoin on Solana to Transform Global Payments Infrastructure

Western Union expands its participation in the digital asset ecosystem with USDPT, a Solana native…

2 days ago

ZachXBT Exposes Alleged Illicit Flows And Market Manipulation Across Tokenlon And Influencer Networks

The cryptocurrency sector is in the spotlight again as ZachXBT has accused decentralized exchange Tokenlon…

2 days ago

Mantle Crossing $1 Billion In Aave Growth With ZK upgrade And Institutional DeFi Strategy

Mantle kicked off 2026 with a milestone event: it reached more than $1 billion in…

2 days ago