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Illinois Senator Dick Durbin has introduced new legislation aimed at reducing fraud at cryptocurrency ATMs, a growing concern for law enforcement agencies. The Crypto ATM Fraud Prevention Act would impose transaction limits and require additional consumer protections to prevent scams that disproportionately target older adults. According to NBC News , Durbin’s bill would cap new users at $2,000 in daily transactions and $10,000 over a 14-day period. It would also require ATM operators to directly communicate with first-time users attempting transactions over $500 and provide full refunds for fraud victims who file police reports within 30 days. The senator emphasized that scammers exploit these machines by pressuring victims into depositing large sums of cash under false pretenses. “As our technology has evolved and become more sophisticated, so have scammers,” Durbin said. “Nefarious actors are now using intimidation and manipulation to scare Americans, particularly seniors, into dumping their life savings into cryptocurrency ATMs.” Crypto ATMs have expanded rapidly in recent years, appearing in gas stations and grocery stores across the country. Law enforcement agencies have reported an increase in scams, with the Federal Trade Commission noting $114 million in losses linked to cryptocurrency ATMs in 2023 alone. I’m on the Senate floor announcing new legislation—my Crypto ATM Fraud Prevention Act—to help stop fraud at crypto ATMs. Watch. https://t.co/JZqjfYkhat Fraudsters often pose as government officials or law enforcement officers, coercing victims into making payments to avoid fictitious fines or legal trouble. Durbin cited a case in which a Springfield, Illinois, store owner removed a cryptocurrency ATM after witnessing multiple elderly customers depositing large sums while speaking on their phones, seemingly under duress. Similar concerns have prompted some states , including Minnesota, California, and Vermont, to implement daily transaction limits on cryptocurrency ATMs. Durbin’s bill would allow state regulations to remain in effect as long as they are not less stringent than federal rules. The bill would also require ATM operators to establish fraud prevention policies and submit them to the Financial Crimes Enforcement Network. Companies found violating the proposed regulations could face fines of $10,000 per day.

Sen. Durbin proposes bill to combat crypto ATM fraud Senator Dick Durbin has introduced the Crypto ATM Fraud Prevention Act to address rising scams involving crypto ATMs. The bill mandates $2,000 daily transaction limits for new users, clear fraud warnings and full refunds for scams reported within 30 days. It also requires operators to implement anti-fraud policies overseen by a chief compliance officer and reported to FinCEN. According to The Block, the move follows reports from the FTC and TRM Labs highlighting increased fraud and illicit activity at crypto ATMs.

Sen. Dick Durbin introduces legislation to combat crypto ATM fraud

Bitcoin Depot boosts treasury holdings to 82.6 $BTC Bitcoin Depot (NASDAQ: $BTM), a U.S.-based Bitcoin ATM operator, added 11.1 BTC to its treasury, bringing total holdings to 82.6 BTC. The purchase follows a 51 BTC buy earlier this month as part of the company’s ongoing treasury strategy. CEO Brandon Mintz reaffirmed confidence in Bitcoin as a key financial asset and store of value, GlobeNewswire has reported.

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