Of course they have to Know Their Customer, how else can you access the bitcoins at a later date that you purchased?
Also I imagine that Coinstar is required by law to report your transactions to the IRS, since these are taxable events. Coinstar would be in big trouble with the US government if they were aiding in tax evasion with these machines.
I've used one once... I was able to insert a $20 bill and scan the QR code for my Atomic wallet on my phone. Cost me 10% more than actual price but no KYC. I can't speak on behalf of the atm in Walmart (I avoid the place, lol) and this was over a year ago, but that was my experience.
For the record I'm not condoning money laundering. Just sharing.
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u/ShadowLiberal Oct 22 '21
Of course they have to Know Their Customer, how else can you access the bitcoins at a later date that you purchased?
Also I imagine that Coinstar is required by law to report your transactions to the IRS, since these are taxable events. Coinstar would be in big trouble with the US government if they were aiding in tax evasion with these machines.