{"id":9944,"date":"2025-03-19T08:15:56","date_gmt":"2025-03-19T07:15:56","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9944"},"modified":"2025-03-19T08:15:56","modified_gmt":"2025-03-19T07:15:56","slug":"north-dakota-senate-approves-legislation-capping-daily-crypto-atm-transactions-at-2000","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/19\/north-dakota-senate-approves-legislation-capping-daily-crypto-atm-transactions-at-2000\/","title":{"rendered":"North Dakota Senate Approves Legislation capping Daily Crypto ATM Transactions at $2,000"},"content":{"rendered":"

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The North Dakota Senate has approved a bill that oversees crypto ATMs while reinstating a clause that limits daily transactions to $2,000 per user, a provision that was initially removed by the state\u2019s House.<\/p>\n

The Senate approved<\/a> House Bill 1447 with a 45-to-1 vote on March 18. The legislation was introduced to the state\u2019s legislative assembly on January 15<\/a> and seeks to safeguard residents from fraud by establishing a set of new regulations for crypto ATMs and their operators.<\/p>\n

The latest iteration<\/a> of the bill passed by the Senate mandates that crypto ATM and kiosk owners<\/a> obtain licenses in the state as money transmitters, restricts customer withdrawals across their ATM network to $2,000 daily, and issues notices for fraudulent activities.<\/p>\n

Originally, the bill restricted crypto ATM customers to transactions of $1,000 per day, but a House committee eased the restrictions last month, allowing a maximum of $2,000 for the first five transactions conducted within a 30-day period.<\/p>\n

Now, the Senate has established a ceiling on transaction limits at $2,000. The bill will have to return to the House for a vote on the amendments before North Dakota Governor Kelly Armstrong can either veto or endorse the bill into law.<\/p>\n

The legislation would also necessitate operators to utilize blockchain analytics<\/a> to detect dubious activities, such as fraud, and report them to the authorities, as well as provide quarterly updates on kiosk placements, names, and transaction information.<\/p>\n

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The latest iteration of House Bill 1447 mandates local crypto ATM operators to be licensed in the state as money transmitters, among other conditions. Source: <\/em>North Dakota Legislative Assembly<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

During a North Dakota House Industry, Business and Labor committee session on January 22, the bill\u2019s chief sponsor, House Representative Steve Swiontek, stated<\/a> that crypto ATMs currently lack safeguarding measures, which has \u201cpermitted criminals to exploit them for theft.\u201d<\/p>\n

Nebraska Governor Jim Pillen had signed a similar law on March 13<\/a>, the Controllable Electronic Record Fraud Prevention Act, intended to help combat fraud.<\/p>\n

Meanwhile, US Senator Dick Durbin of Illinois, who previously chaired the Senate Judiciary Committee, proposed similar federal legislation on February 25.<\/p>\n

Durbin referenced a case from a constituent<\/a> who fell victim to a scammer claiming that authorities had issued a warrant for their arrest but could avoid jail time by paying a fine with a $15,000 deposit at a crypto ATM. This case motivated the introduction of the new law.<\/p>\n

Related: <\/strong><\/em>\u2018Victim-blaming\u2019 Americans can deter crypto scams reporting \u2014 Regulator<\/strong><\/em><\/a><\/p>\n

In September of last year, the Federal Trade Commission reported<\/a> that losses from fraud at Bitcoin (BTC<\/a>) ATMs had skyrocketed nearly tenfold from 2020 to 2023, surpassing $65 million in the first half of 2024, with consumers aged 60 and older being three times more likely to fall prey.<\/p>\n

Coin ATM Radar data<\/a> indicates that the US remains the leader in Bitcoin ATMs, with 29,822 machines constituting 78% of the global market.<\/p>\n

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The United States holds the leading position in the quantity of Bitcoin and crypto ATMs. Source: <\/em>Coin ATM Radar<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Canada ranks second, with 9.2% of the market and 3,486 crypto ATMs, while Australia comes in third with 1,613 crypto ATMs, representing 4.3% of the market. <\/p>\n

Magazine: <\/strong><\/em>How crypto laws are evolving globally in 2025<\/strong><\/em><\/a><\/p>\n