Source: North Dakota Legislative AssemblyDuring a North Dakota House Industry, Business and Labor committee hearing on Jan.22, the bill’s primary sponsor, House Representative Steve Swiontek, said that crypto ATMs currently lack protection measures, which has “allowed criminals to exploit them for theft.”Nebraska Governor Jim Pillen had signed similar legislation into law on March 13, the Controllable Electronic Record Fraud Prevention Act, which is designed to help combat fraud.
Durbin cited a story from a constituent who fell prey to a scammer claiming the authorities had issued a warrant for their arrest but could pay a fine through a $15,000 deposit at a crypto ATM to avoid jail as motivation for introducing the new law. Related: ‘Victim-blaming’ Americans can deter crypto scams reporting — RegulatorLast September, the Federal Trade Commission reported fraud losses at Bitcoin (BTC) ATMs had increased nearly tenfold from 2020 to 2023 and topped $65 million in the first half of 2024, with consumers aged 60 and older three times more likely to fall victim.
The latest version of the bill passed by the Senate requires crypto ATM and kiosk operators to be licensed in the state as money transmitters, limits customer withdrawals across their network of ATMs to $2,000 per day, and issues fraud warning notices.
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Author / Journalist: Cointelegraph by Stephen Katte
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