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New Crypto ATM Limits? Senator Pushes for Stricter Regulations
In a bid to curb the growing issue of crypto ATM fraud, Illinois Senator Dick Durbin has introduced the Crypto ATM Fraud Prevention Act. The proposed legislation aims to set stricter regulations on cryptocurrency ATMs by imposing daily and bi-weekly transaction limits. The bill would restrict new users from conducting transactions exceeding $2,000 per day or $10,000 every two weeks.
According to a recent tweet by Senator Durbin, his proposal seeks to “help stop fraud at crypto ATMs” after sharing a distressing incident involving a resident of New Lenox, Illinois who lost $15,000 to fraud. The individual was coerced into depositing funds into a cryptocurrency ATM by an impersonator claiming to be a law enforcement officer.
While the Senator’s intention is to protect unsuspecting users from falling prey to scammers, critics argue that these restrictions may inadvertently create more regulatory hurdles for genuine investors. Despite this, the proliferation of cryptocurrency ATMs continues to expand rapidly, with over 30,000 units installed across the United States.
Interestingly, some states have already taken proactive measures by imposing their own daily transaction limits. Minnesota, California, and Vermont have all implemented these restrictions in an effort to curb fraudulent activities.
