CoinFlip has announced updated know-your-customer (KYC) requirements and transaction tiers for its Bitcoin ATMs, which now include a mandatory support call for users making transactions between $2,995 and $19,000.
According to Investopedia, this clarification aligns with industry efforts to reduce social-engineering scams at cryptocurrency kiosks while maintaining access for retail buyers. U.S. Bitcoin kiosk operators are subject to the Financial Crimes Enforcement Network's (FinCEN) Bank Secrecy Act rules, which commonly require identity checks and other risk controls. Adding a required phone interaction before higher-value transactions introduces a human checkpoint that can interrupt coercion-based fraud while keeping safeguards within the private market rather than defaulting to additional regulation, an approach typically favored by limited-government advocates.
In the updated guidance, CoinFlip specifies that transactions between $2,995 and $19,000 require customers to provide their name, mobile number, a government-issued photo ID, complete Veriff screening, and enter a Social Security number. Customers must also first call its 24/7 support line at (877) 757-2646 before completing the transaction. This adds a concrete friction point for would-be scammers while preserving legitimate user flows at higher tiers.
Industry data indicate there are more than 38,000 Bitcoin kiosks worldwide, with the majority located in the United States. Fees can range roughly from 4% to 25%, depending on the operator and location. Given this scale and cost spread, incremental safeguards like pre-transaction phone verification can have outsized effects on fraud prevention without broadly penalizing compliant users.
Founded in 2015 in Chicago, CoinFlip is a global digital currency platform focused on making cryptocurrency simple, accessible, and secure. The company operates the world’s largest network of cryptocurrency ATMs by transaction volume—more than 5,500 kiosks across 49 U.S. states and multiple countries—and offers CoinFlip Preferred (Over-the-Counter), CoinFlip Ventures, and a self-custodial mobile wallet. Its customer-first model features 24/7 live support and an emphasis on accessibility and transparency.