North Dakota Senate Passes Crypto ATM Bill, Limits Daily Transactions to $2,000!

Jakarta, Pintu News – The North Dakota government recently took a major step in regulating crypto ATM operations by passing a bill that aims to increase security and transparency in crypto transactions.

Introduction of Crypto ATM Regulatory Bill

A bill known as House Bill 1447 has been passed by the North Dakota Senate, marking an important step in the regulation of the crypto industry in the state.

The new bill requires virtual currency kiosk operators to obtain a money transmitter license, use blockchain analytics software to detect and prevent fraud, and limit daily transactions per individual to $2,000.

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Furthermore, the bill also mandates fraud alerts to be displayed on the kiosk screen to protect consumers. In addition, each operator must appoint a compliance officer and submit quarterly reports regarding kiosk locations and transaction data.

These measures were taken in response to a significant increase in money loss due to fraud associated with Bitcoin BTC->Current BTC PriceRp 0Market Cap-Trading Volume-Circulating Supply- ATMs since 2020, according to data from the Federal Trade Commission FTC->Current FTC PriceRp 0Market Cap-Trading Volume-Circulating Supply-.

Law Enforcement and International Cases

On a global level, enforcement against illegal crypto ATM operators is intensifying. In the UK, the Financial Conduct Authority (FCA) has increased scrutiny and crackdowns on unregistered operators.

In 2024, the FCA accused Olumide Osunkoya of running an illegal crypto ATM that processed $3.4 million worth of transactions. Osunkoya was later sentenced to four years in prison for his role in the illegal crypto ATM network. This case highlights the risks associated with crypto ATMs and the importance of strict regulation to protect consumers from fraud and other illegal activities.

In the United States, despite Bitcoin (BTC) price growth, the number of crypto ATMs has remained stagnant since 2022 due to increased regulatory scrutiny.

Impact and Expectations of the New Bill

With this new bill, it is expected that there will be a decrease in fraud cases related to crypto ATMs in North Dakota.

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North Dakota Financial Institutions Commissioner Lisa Kruse noted that there have been 103 crypto fraud complaints reported to the FBI in 2023 with losses reaching $6.5 million.

This bill aims to reduce that number by tightening rules and increasing security. In addition, the bill is also expected to serve as a model for other states in regulating the crypto industry, especially in the face of increasing cases of fraud using crypto ATMs.

Nebraska, for example, has followed a similar path by signing a bill that tightens rules for crypto ATM operators.

Overall, this step taken by North Dakota demonstrates its seriousness in addressing security concerns relating to new financial technologies such as crypto.

With stricter regulations, it is hoped that public confidence in this technology will continue to increase, along with better protection against fraud and illegal activities.

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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coindesk. North Dakota Senate Passes Crypto ATM Bill to Create Licensing Regime. Accessed on March 20, 2025
• Crypto News. North Dakota Senate Passes Bill to Regulate Crypto ATMs. Accessed on March 20, 2025
• Cointelegraph. North Dakota Senate Passes Crypto ATM Bill, $2,000 Daily Limit. Accessed on March 20, 2025