Are Bitcoin (BTC) ATMs a menace?
Bitcoin (BTC) ATMs have become both a convenience and a concern, with scammers exploiting unsuspecting victims. Authorities in the U.S. and other jurisdictions are now waging war against crypto ATM-based scams. California takes a stand with new crypto laws California has introduced rules for cryptocurrency transactions. Senate Bill 401, signed by Governor Gavin Newsom, means you can only do $1,000 worth of cryptocurrency transactions at ATMs each day, and starting in 2025, the most they can charge you is $5 or 15% of the transaction, whichever is higher. Initially, some Bitcoin ATMs allowed up to $50,000 in transactions with fees between 12% and 25% above the digital asset’s value. These changes are meant to protect people from scams and high fees, as explained by Senator Monique Limón, one of the co-authors. Scammers exploiting the convenience of Bitcoin ATMs have been a growing concern, with the Federal Trade Commission reporting over 46,000 people losing over $...