North Dakota Senate Passes Cryptocurrency ATM Bill: Single-Day Transaction Limit $2,000

BlockBeats News, March 19, according to Cointelegraph, the North Dakota Senate overwhelmingly passed the HB 1447 bill by a vote of 45 to 1, imposing strict regulations on cryptocurrency ATMs, including: a daily user withdrawal limit of $2,000, requiring operators to obtain a state money transmission license, using blockchain analysis tools to monitor suspicious activities and report them, providing quarterly reports (including terminal locations, names, and transaction data), and mandating the display of fraud warning signs. The bill will be sent back to the House for further review and, if passed, will be submitted to Governor Kelly Armstrong for signing into law.

In the first half of 2024, Bitcoin ATM fraud losses in the United States exceeded $65 million, nearly ten times higher than in 2020, with individuals over 60 at the highest risk of being victimized. The $2,000 limit may curb demand for large transactions and drive users towards compliant trading platforms. Small operators may exit the market due to compliance pressures, while larger enterprises may accelerate consolidation. The passage of the HB 1447 bill signifies increased regulation of cryptocurrency ATMs in the US. With a surge in fraud cases, more states may follow suit, pushing the industry from "wild growth" to "compliant operations."