{"id":17997,"date":"2025-03-19T06:47:13","date_gmt":"2025-03-19T06:47:13","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=17997"},"modified":"2025-03-19T06:47:13","modified_gmt":"2025-03-19T06:47:13","slug":"north-dakota-senate-passes-crypto-atm-bill-to-create-licensing-regime","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=17997","title":{"rendered":"North Dakota Senate Passes Crypto ATM Bill to Create Licensing Regime"},"content":{"rendered":"<div>\n<p>The U.S. State of North Dakota is close to creating a licensing regime for crypto ATMs after its Senate passed a bill that provides a regulatory framework for the industry.<\/p>\n<p>Originally introduced on Jan. 15, <a href=\"https:\/\/ndlegis.gov\/assembly\/69-2025\/regular\/bill-actions\/ba1447.html\" target=\"_blank\">House Bill 1447 aims to protect consumers from scams involving crypto ATMs <\/a>by mandating operators to issue on-screen fraud warnings to users, obtain money transmitter licenses, use blockchain analytics software to detect and combat fraud, as well as submit quarterly reports on kiosk locations and transactions.<\/p>\n<p>Additionally, operators must appoint a compliance officer.<\/p>\n<p>A report by TRM Labs found that crypto ATMs have facilitated at least $160 million in illicit transactions since 2019, <a href=\"https:\/\/www.coindesk.com\/policy\/2024\/08\/29\/cash-to-crypto-industry-dominated-by-atms-is-a-law-enforcement-concern-trm-labs\" target=\"_blank\">CoinDesk previously reported<\/a>, with law enforcement worldwide viewing them as a major money laundering and scam risk.<\/p>\n<p><a href=\"https:\/\/www.ftc.gov\/news-events\/news\/press-releases\/2024\/09\/new-ftc-data-shows-massive-increase-losses-bitcoin-atm-scams\" target=\"_blank\">FTC data<\/a> also shows a nearly tenfold rise in bitcoin ATM scam losses since 2020.<\/p>\n<p>In the United Kingdom, the Financial Conduct Authority, the country&#8217;s markets regulator, has been i<a href=\"https:\/\/www.coindesk.com\/policy\/2023\/07\/11\/uk-regulator-ramped-up-campaign-against-crypto-atms-in-may-and-june\" target=\"_blank\">ncreasing scrutiny on the sector<\/a> with crackdowns on unregistered operators.<\/p>\n<p>In 2024, the <a href=\"https:\/\/www.coindesk.com\/policy\/2024\/09\/30\/man-pleads-guilty-to-illegally-operating-crypto-atm-network-in-the-uk\" target=\"_blank\">FCA charged Olumide Osunkoya<\/a> for running illegal crypto ATMs that processed $3.4 million, marking the first such prosecution in the country. Osunkoya was <a href=\"https:\/\/www.fca.org.uk\/news\/press-releases\/olumide-osunkoya-sentenced-4-years-illegally-operating-crypto-atm-network\" target=\"_blank\">recently sentenced<\/a> to four years for his role in the illegal crypto ATM network, and was also convicted for forgery, using false identity documents, and possessing criminal property.<\/p>\n<p>With rising fraud and regulatory scrutiny, the number of crypto ATMs are not growing despite BTC&#8217;s price growth in 2024. Market data from <a href=\"https:\/\/coinatmradar.com\/charts\/net-growth\/\" target=\"_blank\">CoinATMRadar<\/a> shows that the number of crypto ATMs in the U.S. has been roughly flat since 2022.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. State of North Dakota is close to creating a licensing regime for crypto ATMs after its Senate passed a bill that provides a regulatory framework for the industry. Originally introduced on Jan. 15, House Bill 1447 aims to protect consumers from scams involving crypto ATMs by mandating operators to issue on-screen fraud warnings [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-17997","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/17997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17997"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/17997\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}