North Dakota Senate Reinstates $2,000 Daily Limit on Crypto ATM Transactions

The North Dakota Senate passed House Bill 1447 on March 18, reinstating a $2,000 daily transaction limit for crypto ATMs, a measure initially loosened by the House. The bill, introduced on January 15, aims to protect residents from scams by requiring crypto ATM operators to be licensed as money transmitters and to issue fraud warnings. Operators must also use blockchain analytics to monitor for suspicious activity and provide quarterly reports. The bill will return to the House for a vote before potential enactment by Governor Kelly Armstrong. This follows similar legislation signed in Nebraska on March 13 and proposed federal legislation by Senator Dick Durbin on February 25, motivated by increasing crypto ATM fraud. The FTC reported that fraud losses at Bitcoin ATMs increased tenfold from 2020 to 2023, reaching $65 million in the first half of 2024. The US leads with 29,822 Bitcoin ATMs, representing 78% of the global market.