Madison, Wisconsin – Cryptocurrency is an industry with little regulations and the influx of ATM Bitcoins or “BTM” forced State agencies to intervene and better protect Wisconsinites.
Cryptographic kiosks are still relatively new and for this reason, they have been largely unregulated.
“Wherever you may see as a normal bank automatic counter, you could also see one of these crypto automatic counters,” said Courtney Anclam, a specialist in the AARP-Wisconsin program.
In a new report, the FBI says that from 2023 to 2024, they saw a 99% increase in complaints filed concerning cryptographic scams, with a 31% increase in financial losses.
“With the scams we see. Most of the time, these are things where people are contacted and they are told, you know, you were, which was supposed to have a jury service, you have not presented yourself. Now you have to pay for this place.
The Department of State Financial Institutions has provided new directives for Cryptographic ATM operators.
– They must now limit transactions to $ 2,000 per day per customer
– Publish a warning in front of their BTM
– Maintain anti-fraud policies and procedures.
“Regarding the search for these people and things correctly. It is incredibly difficult because, cryptocurrency, you can be largely anonymous. So you don’t really know who you are sending money. And they could use this wallet for a single transaction, then you just create a new portfolio for their next,” said a CLAM.
Cryptographic atm operators must also disclose the DFI where their BTMS are located. For more information on these scams and others, Click here.
