North Dakota bill seeks to cap crypto ATM transactions to tackle fraud
North Dakota’s lawmakers have introduced a bill aimed to combat crypto ATM transactions after 103 state residents reported $6.5 million in losses to crypto scams in 2023.
North Dakota lawmakers have debated a recently introduced bill seeking to limit crypto ATM transactions and introduce a slate of new regulations on the machines aimed at protecting residents from scams.
House Bill 1447, introduced to the state’s legislative assembly on Jan. 15, would limit crypto ATM customer withdrawals to $1,000 per day, cap fees to $5 per transaction or 3% of the total amount — whichever is higher — and require the machines to issue fraud warning notices.
North Dakota’s Department of Financial Institutions commissioner Lisa Kruse told members of the House Industry, Business and Labor Committee on Jan. 22 that the state’s residents filed 103 crypto scam complaints to the FBI for a combined loss of $6.5 million in 2023.
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Author: Brayden Lindrea
