Using my journalistic skills I was able to turn the dry subject of financial compliance for crypto business Bitcoin of America, into a compelling story about how it worked with the FBI and its bank to overcome the obstacles.
Creating the article allowed me to combine the recent news of successfully working with the FBI to return half a million dollars to fraud victims, with an earlier story about having their bitcoin ATMs destroyed.
Key to connecting the article elements was an interview with Bitcoin of America’s attorney William Suriano, which allowed me to flesh out the details, for example adding that the $496K fraud victims’ restitution actually strengthened Bitcoin of America’s relationship with their bank. Plus through the interview Suriano shared an early lesson, when they made the mistake of selling bitcoin to a customer who then revoked their wire transfer, to show how the business has developed its systems to meet compliance requirements and in learning from experience as a crypto exchange, as well as a bitcoin ATM provider.
Through online research I was able to update the story first told in the crypto press when Bitcoin of America had around 20 of its bitcoin ATMs smashed, leading to a lawsuit in late 2016. “It seemed like the 1920s in Chicago that people would run around and smash competitors’ bitcoin machines just to pay in some kind of competitive advantage and get into a location across the street,” Suriano explains.
Fast forward to 2020 the article took the initiative in reporting the conclusion to the ATM attack. Firstly, with a successful $196,000 court judgement for Bitcoin of America. And in the words of Suriano it “created a pathway for others in the business who know if it were to happen to them that there is a way they can do something,” their successful legal action boosting their reputation in the industry as a whole.
Read the full article on bitcoin.com
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