Cottonwood Vending LLC
Despite being commonly referred to as bitcoin "ATMs," Cottonwood's machines are not technically ATMs. Cottonwood Vending offers customers fiat-to-crypto trading services for bitcoin through automated kiosks. The company also lets its customers create paper wallets for bitcoins purchased using one of their machines. The company says on its website that it is not "a financial adviser nor broker-dealer and has not registered with the United States Securities and Exchange Commission." Cottonwood Vending has nearly 100 machines in various locations in New York and New Jersey.
Cottonwood Vending is one of 20 companies that has been granted a BitLicense by the New York State Department of Financial Services (NYDFS). To qualify for this license, a firm needs to pass rigorous anti-money laundering, cybersecurity, and consumer protection standards set by the NYDFS. BitLicense is one of two companies whose primary services center around automated cryptocurrency kiosks, or "bitcoin ATMs," to have been granted a BitLicense.
Cottonwood's "Terms and Conditions" section on their website cautions its customers to be mindful of cryptocurrency scams, such as services that ask for payments over eBay or PayPal that have not been verified as legitimate virtual currency payment processor. According to the company's website, Cottonwood uses the number 1-917-789-5251 to contact customers in the event that customers need immediate assistance.
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