Summary
- Illinois Senator Dick Durbin has proposed a bill to prevent crypto ATM fraud.
- The bill requires ATM operators to issue fraud risk warnings and submit anti-fraud measures to Treasury's FinCEN.
- The bill includes a $20 million daily transaction limit for new customers and full refund provisions for fraud reports within 30 days.
According to The Block, a cryptocurrency news outlet, on the 25th (local time), Illinois Democratic Senator Dick Durbin introduced a bill to prevent cryptocurrency ATM fraud.
The bill requires crypto ATM operators to warn consumers about fraud risks and chief compliance officers to submit anti-fraud measures to the Treasury's Financial Crimes Enforcement Network (FinCEN).
The legislation also includes provisions limiting new customers' daily transaction amounts to $20 million and mandating full refunds for fraudulent transactions if reported within 30 days.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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