Senator proposes restrictions on the CRIPTO ATM BACK TRANSACTIONS

Illinois Senator Dick Durbin introduced new legislation, aimed at reducing crieders at creptocurrency ATMs, increasing concerns for law enforcement agencies.

The Actamate Preventive Treatment Act would impose transaction boundaries and require additional consumer protection at prevent fraud that disproportionate targeted adults.

Toward NBC NewsDurbin Bill would compose new users to $ 2,000 in daily transactions and $ 10,000 during the 14 day period. They also demanded that ATM operators directly communicate with transmission that try to try transactions over $ 500 and provide full compensations for victims of scams submitting police reports within 30 days.

Advanced Scams

The Senator emphasized that fraudsters exploit these machines by pressing victims into the separation of large cash amounts under false pretext.

“As our technology developed and became more sophisticated, so they have frauds,” Durbin said. “Nephy actors are now using intimidation and manipulation of frightening Americans, especially seniors, in the dumping of their life savings in cryptocurrency ATMs.”

CRIPTTO ATMS have expanded In recent years, which appear in petrol stations and grocery stores across the country. The law enforcement agencies reported the rise of fraud, and the Federal Trade Commission notes $ 114 million losses related to cryptocurrency basis in 2023. Years.

Frauds often represent government officials or law enforcement officers, forcing victims to pay payments to avoid fictitious fines or legal troubles.

Durbin stated the case in which Springfield, Illinois, removed the shopkeeper’s cryptocurrency after witnessing more elderly customers who deposited large sums as they speak on their phones, seemingly under coercion.

Similar concerns have They asked some statesIncluding Minnesota, California and Vermont, in order to implement the daily boundaries of transactions at cryptocurrant ATMs. Durbin Bill would enable state regulations to stay in force until they are less strict than federal rules.

The Draft Law will also require that ATM operators determine the policy of overcoming fraud and submit them to the network for the implementation of financial crimes. The company discovered violations of the proposed regulations could be confronted with $ 10,000 monetary penalties per day.