In response to increasing Bitcoin ATM fraud cases, Arizona has introduced new legislation.
New Legislative Initiative
State Representative David Marshall has introduced House Bill 2387, aimed at curbing Bitcoin ATM fraud. The bill proposes to cap daily transaction amounts at $1,000 and requires operators to undergo licensing. It also includes refund policies to help combat illegal activities.
Fraud Case Examples
An FBI report indicated Arizona lost about $127 million to cryptocurrency fraud in 2023. Tamara from Peoria was one victim, losing $17,000 after being deceived by a scammer impersonating a PayPal representative, convincing her to withdraw and transfer funds via a Bitcoin ATM.
Authorities' Warnings
US Attorney General Kris Mayes emphasized the need to regulate Bitcoin ATMs. Arizona authorities are supporting measures to limit daily transaction amounts. Investigators are also raising awareness to warn users of potential Bitcoin ATM hazards.
Arizona's new bill aims to reduce Bitcoin ATM fraud cases, protecting vulnerable citizens.
