CoinInsight360.com logo CoinInsight360.com logo
America's Social Casino
CoinDesk 2025-03-19 06:42:02

North Dakota Senate Passes Crypto ATM Bill to Create Licensing Regime

The U.S. State of North Dakota is close to creating a licensing regime for crypto ATMs after its Senate passed a bill that provides a regulatory framework for the industry. Originally introduced on Jan. 15, House Bill 1447 aims to protect consumers from scams involving crypto ATMs by mandating operators to issue on-screen fraud warnings to users, obtain money transmitter licenses, use blockchain analytics software to detect and combat fraud, as well as submit quarterly reports on kiosk locations and transactions. Additionally, operators must appoint a compliance officer. A report by TRM Labs found that crypto ATMs have facilitated at least $160 million in illicit transactions since 2019, CoinDesk previously reported , with law enforcement worldwide viewing them as a major money laundering and scam risk. FTC data also shows a nearly tenfold rise in bitcoin ATM scam losses since 2020. In the United Kingdom, the Financial Conduct Authority, the country's markets regulator, has been i ncreasing scrutiny on the sector with crackdowns on unregistered operators. In 2024, the FCA charged Olumide Osunkoya for running illegal crypto ATMs that processed $3.4 million, marking the first such prosecution in the country. Osunkoya was recently sentenced to four years for his role in the illegal crypto ATM network, and was also convicted for forgery, using false identity documents, and possessing criminal property. With rising fraud and regulatory scrutiny, the number of crypto ATMs are not growing despite BTC's price growth in 2024. Market data from CoinATMRadar shows that the number of crypto ATMs in the U.S. has been roughly flat since 2022.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.