Currencies32913
Market Cap$ 2.60T-6.06%
24h Spot Volume$ 103.94B+99.6%
DominanceBTC59.35%+0.48%ETH7.17%-6.07%
ETH Gas12.21 Gwei
Cryptorank
MainNewsNorth Dakota...

North Dakota Introduces Bill to Limit Crypto ATM Transactions to Combat Fraud


Jan, 23, 2025
2 min read
by Sujha Sundararajan
for Cryptonews
North Dakota Introduces Bill to Limit Crypto ATM Transactions to Combat Fraud

Lawmakers in North Dakota state have introduced a bill to restrict crypto ATM transactions and protect residents from fraud.

The House Bill 1447 was submitted on January 15 to the state legislature, after 103 state residents reported $6.5 million in losses to crypto scams in 2023. The bill is primarily sponsored by Representative Steve Swiontek and aims to create key consumer protections to combat such frauds.

The proposed legislation would restrict daily ATM withdrawals to $1,000 per day, the bill read. Additionally, it would cap transaction fees at $5 or 3% of the total amount, whichever is higher.

Lisa Kruse, commissioner of the North Dakota Department of Financial Institutions, reminded about the increasing crypto-related fraud complaints from residents. On Wednesday, Kruse addressed the House Industry, Business, and Labor Committee, stressing the $6.5 million in losses in 2023.

Per an FBI report in September 2024, Americans lost $5.6 billion to cryptocurrency fraud in 2023 alone. Besides, 5,500 fraud cases involved cryptocurrency ATMs, resulting in losses of over $189 million.

During the Wednesday Committee hearing, Swiontek noted that currently crypto ATMs lack the protection measures that traditional money ATMs have.

“Unfortunately, this has allowed criminals to exploit them for theft,” Swiontek added.

Bill to Protect Elderly Residents From Crypto Fraud

Meanwhile, Josh Askvig, North Dakota director of the American Association of Retired Persons, said that the legislation would help elderly residents from falling prey to crypto scams.

The bill noted that along with ATMs displaying warning about fraud, the machines would also advise users to contact law enforcement in case of scam detection. The note would also include a cautionary message that funds lost in fraud may not be recoverable.

Kevin Lolli from crypto ATM operator CoinFlip said at the hearing that the company is opposing the bill’s fee and transaction limits clause. However, he expressed support to the proposed consumer protection.

Lolli told the state lawmakers that the reduced fee would affect ATM operators in covering various expenses. These include costs involved with the hardware and maintenance and rental to local businesses hosting the machine. ATM operators typically charge a fee between 8% and 20%, he added.

The post North Dakota Introduces Bill to Limit Crypto ATM Transactions to Combat Fraud appeared first on Cryptonews.

Read the article at Cryptonews

Read More

Hong Kong Unveils Crypto Staking Rules, Reinforces Web3 Commitment

Hong Kong Unveils Crypto Staking Rules, Reinforces Web3 Commitment

Hong Kong's SFC unveils staking rules for crypto firms and funds, advancing Web3 whil...
Apr, 07, 2025
2 min read
by BTC-Pulse
Federal Reserve’s Christopher Waller Urges Moderation in Tariff Discourses

Federal Reserve’s Christopher Waller Urges Moderation in Tariff Discourses

Detail: https://coincu.com/330807-federal-reserve-tariff-discussion/
Apr, 07, 2025
by CoinCu News
MainNewsNorth Dakota...

North Dakota Introduces Bill to Limit Crypto ATM Transactions to Combat Fraud


Jan, 23, 2025
2 min read
by Sujha Sundararajan
for Cryptonews
North Dakota Introduces Bill to Limit Crypto ATM Transactions to Combat Fraud

Lawmakers in North Dakota state have introduced a bill to restrict crypto ATM transactions and protect residents from fraud.

The House Bill 1447 was submitted on January 15 to the state legislature, after 103 state residents reported $6.5 million in losses to crypto scams in 2023. The bill is primarily sponsored by Representative Steve Swiontek and aims to create key consumer protections to combat such frauds.

The proposed legislation would restrict daily ATM withdrawals to $1,000 per day, the bill read. Additionally, it would cap transaction fees at $5 or 3% of the total amount, whichever is higher.

Lisa Kruse, commissioner of the North Dakota Department of Financial Institutions, reminded about the increasing crypto-related fraud complaints from residents. On Wednesday, Kruse addressed the House Industry, Business, and Labor Committee, stressing the $6.5 million in losses in 2023.

Per an FBI report in September 2024, Americans lost $5.6 billion to cryptocurrency fraud in 2023 alone. Besides, 5,500 fraud cases involved cryptocurrency ATMs, resulting in losses of over $189 million.

During the Wednesday Committee hearing, Swiontek noted that currently crypto ATMs lack the protection measures that traditional money ATMs have.

“Unfortunately, this has allowed criminals to exploit them for theft,” Swiontek added.

Bill to Protect Elderly Residents From Crypto Fraud

Meanwhile, Josh Askvig, North Dakota director of the American Association of Retired Persons, said that the legislation would help elderly residents from falling prey to crypto scams.

The bill noted that along with ATMs displaying warning about fraud, the machines would also advise users to contact law enforcement in case of scam detection. The note would also include a cautionary message that funds lost in fraud may not be recoverable.

Kevin Lolli from crypto ATM operator CoinFlip said at the hearing that the company is opposing the bill’s fee and transaction limits clause. However, he expressed support to the proposed consumer protection.

Lolli told the state lawmakers that the reduced fee would affect ATM operators in covering various expenses. These include costs involved with the hardware and maintenance and rental to local businesses hosting the machine. ATM operators typically charge a fee between 8% and 20%, he added.

The post North Dakota Introduces Bill to Limit Crypto ATM Transactions to Combat Fraud appeared first on Cryptonews.

Read the article at Cryptonews

Read More

Hong Kong Unveils Crypto Staking Rules, Reinforces Web3 Commitment

Hong Kong Unveils Crypto Staking Rules, Reinforces Web3 Commitment

Hong Kong's SFC unveils staking rules for crypto firms and funds, advancing Web3 whil...
Apr, 07, 2025
2 min read
by BTC-Pulse
Federal Reserve’s Christopher Waller Urges Moderation in Tariff Discourses

Federal Reserve’s Christopher Waller Urges Moderation in Tariff Discourses

Detail: https://coincu.com/330807-federal-reserve-tariff-discussion/
Apr, 07, 2025
by CoinCu News