Lawmakers in the US state of Wisconsin have introduced a bill in the state’s Senate to accompany an earlier bill filed in the lower house that aims to curb fraud occurring through crypto ATMs. 🧠💥
Senator Kelda Roys, along with six other Democratic representatives, introduced Senate Bill 386 on Monday as companion legislation to Assembly Bill 384, which Democratic Representative Ryan Spaude introduced on July 31. Because nothing says “I’m a responsible legislator” like filing the same bill twice. 📜
Under the identical proposed bills, crypto ATM or kiosk operators will need a money transmitting license to conduct operations in the state and must collect information about their users, including name, date of birth, number, address, and email. Because who wouldn’t want to hand over their data to a machine that’s basically a vending machine for digital chaos? 🤖
Filing identical bills in both chambers is a tactic to increase the likelihood of a bill becoming law and speeds up the legislative process as both chambers can consider legislation simultaneously. Because why let one chamber lag behind when you can have two versions of the same drama? 🎭
Wisconsin looks to warn crypto ATM users
Under the bills, crypto ATM operators will have to collect a government-issued document from their customers, like a passport or a driver’s license, and will need to take a photo of the customer. Because nothing says “trust us” like a 360-degree photo session for your crypto transaction. 📸
Operators will have to verify their customer’s identity for every transaction, and users will be capped at $1,000 worth of transactions per day. Now, even if you want to buy a lifetime supply of crypto, you’re limited to $1,000. Because nothing says “trust us” like a daily limit that’s just enough to make you feel like a broke billionaire. 💸
The bills mandate that labels warning of the potential of fraud must also be placed “within the customer’s field of vision” on the front of the machine. Because who doesn’t want to be reminded of their own stupidity while trying to cash out? 🚨
Crypto ATMs typically charge much higher fees compared to online crypto exchanges, and the bills propose capping the fees operators can charge customers, to flat $5 fee or 3% of the transaction value, whichever is higher. Because nothing says “we care” like a fee structure that’s more complicated than a 1980s tax form. 📉
Operators will also have to fully reimburse customers if an ATM is used to process a fraudulent transaction, such as to a scammer, or if the operator is contacted by law enforcement agencies confirming that the transaction was fraudulent in nature within 30 days. Because who needs a safety net when you can have a safety net that’s 30 days late? 🛑
FinCEN warns on crypto ATM scams
On Aug. 4, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice to financial institutions asking them to report suspicious transactions conducted via crypto ATMs. Because criminals are so relentless, they’ve even started using crypto ATMs to steal your money. Who knew? 🧠
“Criminals are relentless in their efforts to steal money from victims, and they’ve learned to exploit innovative technologies like CVC [convertible virtual currency] kiosks,” FinCEN Director Andrea Gacki said. Because nothing says “innovation” like a kiosk that’s basically a digital thief’s dream. 🤡
FinCEN said it identified fraud, cybercrime, and drug trafficking as the three main illicit activities that are conducted through crypto ATMs. Because who needs a legitimate business when you can run a side hustle in crime? 🚨
The agency also identified that elderly people are more vulnerable to scams where malicious actors pretend to be bank employees, tech support specialists, or customer service representatives. Because nothing says “vulnerable” like a senior citizen who still thinks “Tech Support” is a real thing. 🧓
Global crackdown on crypto ATMs
Crypto ATMs have been in the crosshairs of regulators across the world due to regulators’ concern about their use for crime. Because nothing says “regulation” like a global hunt for machines that are basically just ATMs with a side of chaos. 🌍
On July 17, New Zealand banned crypto ATMs across the country, citing their use in money laundering and criminal financing. Because nothing says “I’m a responsible nation” like banning a machine that’s just a few steps away from being a money-printing unicorn. 🦄
The UK has also cracked down on crypto ATMs, with regulators seizing seven crypto ATMs and arresting two individuals in southwest London in July on suspicion of money laundering and illegally operating a crypto exchange. Because who needs a crypto exchange when you can have a jail cell and a fine? 🚓
Grosse Pointe Farms, a small town outside of Detroit, Michigan, preemptively passed a regulation on crypto ATMs despite the town not having one. Because nothing says “proactive” like regulating something you don’t even have. 🤷♂️
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2025-08-13 09:44