New York Prosecutor Advocates Stricter Oversight for Crypto Kiosks and ATMs

Manhattan District Attorney Alvin Bragg is spearheading a push for stringent regulations targeting unlicensed cryptocurrency operations. The proposed measures aim to criminalize non-compliant crypto kiosks and ATMs, which have become conduits for money laundering and fraud.

Unlicensed machines often facilitate anonymous transactions with minimal oversight. Bragg's proposal mandates licensing and robust know-your-customer protocols for all crypto businesses operating in New York. The initiative seeks to dismantle financial crime networks while protecting vulnerable populations, particularly elderly investors targeted by crypto scams.

The regulatory framework WOULD empower prosecutors with enhanced tools to combat illicit activities. High-fee kiosks that currently process transactions without verifying fund origins would face increased scrutiny. This crackdown reflects growing institutional efforts to balance innovation with consumer protection in digital asset markets.