News

Crypto mining company aims to dominate bitcoin ATM market

September 27, 2018

GD Entertainment and Technology, a specialist in cryptocurrency mining and mining services, has announced plans for its "aggressive" entrance into the cryptocurrency ATM sector.

According to a press release, the company has retained BitAML, a provider of compliance advisory services, to facilitate the move.

The company said it is currently working toward several near-term objectives:

• Obtain full AML/KYC compliance.
• Receive conditional approval for money services business though the Financial Crimes Enforcement Network.
• Secure a relationship with reputable cryptocurrency ATM vendor.
• Locate pilot location for initial ATM services launch.

GDET said it has developed a strategy to expand quickly once it achieves initial traction, with the goal of becoming one of the largest cryptocurrency ATM networks in the country.

The company is working with partners overseas and domestically to establish equipment availability and pricing terms, and will place its initial order for cryptocurrency ATMs once it has achieved FINCEN compliance, the release said.