The cryptocurrency ATM was shown in a grocery store in 2022 in Miami. Several states have adopted new regulations regulating those machines, which according to officials are increasingly used for consumers’ fraud. (Photo Joe Raedle/Getty Images)
They may resemble other ATMs, but officials are increasingly warning about the possibility of fraud with the expanding fleet of cryptocurrency ATMs popping up throughout the country.
The National Consumers League claims that unregulated machines have become largely favored by fraudsters Due to their anonymity and irreversibility – when the user moves funds or setting funds, the money will basically disappear.
While officials say that machines can be used for justified purposes, red and blue are increasingly imposing new regulations to protect consumers: AARP claims that 11 states have recently adopted new regulations or machine regulations.
“In the state of the state, Aarp found legislators on both sides of the nave and local law enforcement agencies willing to work on health principles that balance the innovation and safety of consumers,” said Nancy Leamond, AARP Vice President and Director of involvement and commitment and commitment.
Last year, the FBI almost informed 11,000 complaints Cryptocurrency fraud. These cases disproportionately affected by older Americans and cost $ 246.7 million victims.
Cryptocurrencies They are digital assets, including bitcoins, which offer an alternative payment or method without controlling a central bank or government, like other currencies. Cryptographic banquetsSometimes called cryptographic kippers, they allow users to insert cash or employ debit cards for currency conversion such as American dollars in cryptocurrencies.
The Federal Trade Commission claims that Crypto ATM fraud they often start With a call or SMS, a warning about an alleged problem, such as unauthorized banking fees or suspicious action on the Amazon account.
FTC claims that consumers should contact banks or other institutions directly regarding accounts problems. And he warns consumers not to believe anyone who says that he must employ a cryptographic ATM to solve the financial problem.
“Real companies and government agencies will never do it – no one who does it is a fraud,” said the agency.
States look at scrubbing consumer protection, such as the federal supervisory body of Trump Hobbles
After signing the law with the new provisions, the Republican Governor of Nebraska, Jim Pilelen, was clear that the state would continue to welcome cryptocurrency companies because it aims to become the center of the industry.
Law in Nebraska requires ATM operators to acquire a state license, warning customers against potential criminal employ and taking “reasonable steps to detect and prevent fraud.” The law also limits transactions to $ 2000 per day for new customers and USD 10,500 for existing customers and requires operators to issue returns for properly reported false transactions.
At least 40 states According to the National Legislative Conference, they introduced provisions regarding cryptocurrency, digital or virtual currencies and other digital assets during a legislative session in 2025. These funds include ATM regulations, prohibiting the employ of digital currencies by governments and enabling state investments in digital assets.
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Federal legislators also take action in this matter. Controls the Republican Chamber of US representatives announced the week of July 14 “Crypto Week” When the legislators considered several actions.
At the end of this week, President Donald Trump signed On the act of genius, the first sedate law regulating the digital currency. Establish regulatory frames for the industry.
Trump hopes that the law will inspire trust in the industry, which has firmly spent on strengthening its ID and political power, Associated Press Reported.
“This signing is a huge validation of your hard work and a pioneering spirit,” he told the President of the cryptographic leadership.
In state legislation, new bills regulating cryptographic ATMs enjoyed bilateral support. Tracking Aarp shows that new bills have been approved in Arkansas, Iowa and Oklahoma, as well as in more liberal states such as Maryland and Vermont.
In May, Arizona Democratic Governor Katie Hobbs signed Sponsored by Republicans legislation This defines daily transaction limits and requires that cryptographic ATM operators provide clients with some disclosure and warnings.
Legislation took place after local messages at least Two dozen cryptographic fraudsincluding one that cost $ 28,000 Arizonan.
Reporter Stateline, Kevin Hardy, can be achieved at khardy@stateline.org.
