Coinme to open 8 new ATMs in California

Coinme plans to place 8 new crypto ATMs in California, brings instant crypto to fiat exchange to rural areas
04 May 2018   1502

Cryptocurrency ATMs has long become the norm, but the expansion is rather slow to be of real use in some states. But now California will enjoy 8 more ATM units from Coinme, bringing the total count up to 23.

The company is providing the opportunity for the customers to buy and sell Bitcoin immediately through their ATMs, so that the people can participate in the growing market of digital currencies.

“We are dedicated to bringing the best of the cryptocurrency economy to the diverse population of California and the world. In addition to a large technical community that appreciates the digital, decentralized qualities of crypto, there is an unbanked population who can now use Coinme as an onramp to participation in the financial system,” said Neil Bergquist, the CEO of Coinme.

The new locations for their machines are chosen in both urban and rural areas to maximize coverage and provide equal service regardless of location.

Aside from crypto ATMs, the company also offers a trading platform, digital wallet and crypto investment services.

The main difference between Coinme ATMs and their competitors is that customers can sell their crypto instantly and receive money without delays.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   135

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.