North Dakota Senate passes encryption ATM bill: daily transaction limit of $2000.

BlockBeats News, on March 19, according to Cointelegraph, the North Dakota Senate overwhelmingly voted 45:1 to pass HB 1447, implementing strict supervision of crypto ATMs, including: users can withdraw up to $2,000 per day, requiring operators to obtain in-state currency transmission licenses, using blockchain analysis tools to monitor and report suspicious activity, providing quarterly reports (including terminal location, name and transaction data), mandatory posting of fraud warning signs, etc. The bill will return to the House of Representatives for consideration of changes and, if passed, will be sent to Gov. Kelly Armstrong for signature. In the first half of 2024, the loss of Bitcoin ATM fraud in the United States exceeded $65 million, a nearly tenfold surge from 2020, and the elderly over 60 years old are at the highest risk of victimization. The $2,000 limit may dampen the demand for large transactions, driving users to move to compliant trading platforms. Smaller operators may exit the market due to compliance pressures, and leading companies may accelerate their consolidation. The passage of HB 1447 marks a tightening of regulation of crypto ATMs in the United States, and as fraud cases surge, more states are likely to follow suit, driving the industry away from “savage growth” to “compliant operations.”