The North Dakota Senate has approved a bill that sets a $2,000 daily cap on transactions made through crypto ATMs.
A bill with relaxed crypto ATM transaction limits cleared the North Dakota House, but the Senate has now set a stricter cap of $2,000 per day.
The North Dakota Senate has approved a crypto ATM bill and reinstated a previously removed $2,000 daily transaction limit per user.
With a decisive 45-1 vote, the state Senate approved House Bill 1447 on March 18.
The bill’s sponsors introduced it to the state’s legislative assembly on January 15 to protect residents from fraudulent activities. The bill proposes new regulations for crypto ATM operations.
According to the latest Senate-approved bill, crypto ATM and kiosk operators must register as money transmitters, restrict customer withdrawals to $2,000 per day, and display fraud warnings.
A House committee revised the bill last month, increasing the original $1,000 daily transaction limit to $2,000 per day for a maximum of five transactions over 30 days.
Before Governor Kelly Armstrong makes a final decision, the House must first vote on the updated provisions.
The legislation requires operators to monitor blockchain transactions for potential fraud, report any suspicious findings, and submit quarterly reports on kiosk locations, names, and transaction details.
On January 22, during a hearing before the North Dakota House Industry, Business, and Labor Committee, the bill’s chief sponsor, Representative Steve Swiontek, highlighted that inadequate security in crypto ATMs has turned them into a tool for criminals.
In an effort to combat fraud, Nebraska Governor Jim Pillen enacted the Controllable Electronic Record Fraud Prevention Act on March 13.
U.S. Senator Dick Durbin of Illinois introduced a comparable federal legislative proposal on February 25 after previously leading the Senate Judiciary Committee.
Durbin proposed the new legislation after hearing about a constituent who was tricked into depositing $15,000 at a crypto ATM by a scammer pretending they could avoid jail for an alleged arrest warrant.
The Federal Trade Commission reported last September that fraud losses at Bitcoin ATMs increased nearly tenfold between 2020 and 2023, exceeding $65 million in early 2024. The report also showed that scammers targeted consumers aged 60 and older three times more often.
With 29,822 Bitcoin ATMs making up 78% of the global market, the United States remains the top country for these machines, according to Coin ATM Radar.
Canada ranks second with 3,486 crypto ATMs, holding 9.2% of the market, while Australia comes in third with 1,613 machines and a 4.3% share.
