Odaily Planet Daily News: Legislators in North Dakota have debated a recently proposed bill aimed at restricting cryptocurrency ATM transactions and introducing a series of new regulations to protect residents from fraud.
House Bill 1447 was submitted to the state legislative assembly on January 15th, limiting cryptocurrency ATM customer withdrawals to $1000 per day, limiting fees to $5 per transaction or 3% of the total amount (whichever is higher), and requiring ATMs to issue fraud warning notices.
Lisa Kruse, Commissioner for Financial Institutions in North Dakota, told members of the House Industry, Commerce, and Labor Committee on January 22 that the state's residents have submitted 103 cryptocurrency fraud complaints to the FBI, resulting in a total loss of $6.5 million in 2023.
In September last year, the FBI reported that Americans lost $5.6 billion due to cryptocurrency fraud in 2023, and recorded 5500 cases involving cryptocurrency ATMs, with losses of more than $189 million.
The main initiator of the bill, Congressman Steve Swintek, pointed out that encrypted ATMs currently lack the protection measures that traditional currency ATMs have, making it easier for criminals to deceive victims. (Cointelegraph)