North Dakota Debates Bill To Regulate Cryptocurrency ATMs

According to Odaily, North Dakota legislators are debating a newly proposed bill aimed at regulating cryptocurrency ATM transactions to protect residents from fraud. House Bill 1447, introduced to the state legislature on January 15, seeks to limit cryptocurrency ATM customer withdrawals to $1,000 per day and cap transaction fees at $5 or 3% of the total amount, whichever is higher. Additionally, the bill mandates that ATMs issue fraud warning notifications. Lisa Kruse, Commissioner of the North Dakota Department of Financial Institutions, informed the House Industry, Business, and Labor Committee on January 22 that state residents filed 103 cryptocurrency fraud complaints with the FBI, resulting in losses totaling $6.5 million in 2023. The FBI reported in September last year that Americans lost $5.6 billion to cryptocurrency fraud in 2023, with over 5,500 cases involving cryptocurrency ATMs, leading to losses exceeding $189 million. The bill's primary sponsor, Representative Steve Swiontek, highlighted the lack of protective measures in cryptocurrency ATMs compared to traditional currency ATMs, making it easier for criminals to deceive victims.