PANews reported on January 23 that according to Cointelegraph, North Dakota lawmakers recently debated a new bill aimed at regulating cryptocurrency ATM transactions and preventing residents from being defrauded. House Bill 1447, submitted on January 15, stipulates that the daily withdrawal limit for crypto ATM customers is $1,000, the transaction fee is capped at $5 per transaction or 3% of the transaction amount (whichever is higher), and requires ATMs to issue fraud warnings.
Lisa Kruse, head of North Dakota's financial institutions, revealed that in 2023, residents of the state filed 103 complaints to the FBI about crypto fraud, with a total loss of $6.5 million. FBI data showed that in the same year, the United States lost $5.6 billion due to crypto fraud, of which cases involving crypto ATMs lost more than $189 million.
The bill's sponsor, Congressman Steve Swiontek, stressed that crypto ATMs lack the security protections of traditional ATMs and are vulnerable to exploitation by criminals. The bill not only requires ATMs to display warnings, but also advises users to contact law enforcement when they encounter fraud, and clarifies that losses caused by fraud or errors may be irreversible. This move is intended to strengthen the security of cryptocurrency transactions and protect consumer rights.
