Wisconsin regulators are moving forward with a proposal that would impose strict Know Your Customer (KYC) requirements on all Bitcoin ATM transactions in the state.
The new rules would require customers to provide government-issued identification for every transaction, regardless of the amount.
This represents a significant change from the past, where small purchases at Bitcoin ATMs could often be made with minimal identification, such as a phone number or none at all.
The state argues that the move is aimed at combating money laundering, fraud, and other illegal activities. If passed, the rules would take effect later this year, forcing all Bitcoin ATM operators in Wisconsin to comply or face penalties.
But what does this mean for people who want to buy bitcoin anonymously or without a bank account?
How Bitcoin ATMs Worked Before No Verification Rules
Until now, Bitcoin ATMs in many locations allowed users to buy bitcoin anonymously for small amounts, typically under $500 per transaction. Customers could insert cash and receive bitcoin directly into their wallets without having to scan their ID.
This no verification process made them an attractive and convenient option for people who valued privacy or did not have access to traditional banking services.
The Pros of Stricter KYC Rules
Supporters of the policy say it will increase transparency in the cryptocurrency market. Law enforcement agencies support the measure, claiming it will make it harder for criminals to launder money or fund illegal activities through Bitcoin ATMs. They also argue that stricter verification could reduce scams targeting unsuspecting individuals.
The Cons and Why Privacy Advocates Are Concerned
Critics warn that the new rules will destroy one of the last remaining ways to buy bitcoin anonymously in Wisconsin. Privacy advocates point out that not everyone using Bitcoin ATMs is a criminal. Many users simply value financial privacy or fear data breaches from storing personal identification with third-party operators.
Strict KYC requirements also create barriers for unbanked or underbanked individuals. Some people do not have a valid government ID or cannot easily comply with these regulations, effectively cutting them off from the crypto market. Furthermore, storing personal data increases the risk of identity theft if the ATM operator’s systems are ever hacked.
How To Buy Crypto With No Verification
If Wisconsin’s proposal passes, residents will have to look for alternative ways to buy bitcoin anonymously, such as decentralized no KYC exchanges, in-person peer-to-peer transactions, or crypto wallets that do not require extensive verification.
For those who value convenience, privacy, and everyday practicality of crypto wallets, one of the top choices to consider is Best Wallet.
One of Best Wallet’s biggest attractions is its commitment to keeping users anonymous. Unlike centralized exchanges that require KYC even for basic trading, Best Wallet enables users to buy, store, and trade Bitcoin alongside other crypto assets without submitting personal details.
The absence of identity verification appeals to users who prioritize financial privacy, especially in U.S. states like Wisconsin where authorities are planning the imposition of KYC procedure on all Bitcoin ATM transactions.
Another major strength of Best Wallet lies in its self-custodial posture. It champions the principles of financial independence, empowering users to maintain full control of their Bitcoin. This innovative approach makes it a critical tool for safeguarding wealth in the face of increasing regulatory scrutiny.
More so, it’s no secret that the crypto space has been plagued by a wave of malicious attacks in recent years. Best Wallet rises to that challenge with a rock-solid security setup, powered by Fireblocks as well as several other measures like biometric options, thorough encryption, two-factor authentication, and more.
What further elevates the market appeal of Best Wallet is its comprehensive suite of trading features, designed to meet the modern needs of today’s crypto investors. A multichain solution, Best Wallet supports Bitcoin, Polygon, Ethereum, Base, Binance Smart Chain, and Solana, with plans to expand to other networks soon. This means users can manage thousands of cryptocurrencies across different networks all in one place.
The next key feature is Onramper, which allows users to purchase Bitcoin directly with fiat, making it particularly useful for newcomers looking for a more simpler way to enter the world of crypto trading. For users in regions where Onramper is not supported, Best Wallet has added a fallback provider Wert so they can still purchase crypto directly within the app.
The platform’s “Upcoming Tokens” tool is another highlight, granting access to promising early-stage cryptocurrencies. And with staking options, cross-chain swaps, portfolio tracking, and recently added features like gamification perks, full Korean language support, and many more also built in, Best Wallet offers an advanced yet non-restrictive crypto trading environment.
It’s little wonder that leading publications, including the New York Post, have dubbed it one of the best places to buy Bitcoin in 2025.
Download Best Wallet
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