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North Dakota Senate Revives $2,000 Daily Limit for Crypto ATM Users

Key Takeaways

  • ​North Dakota’s Senate reinstated a $2,000 daily cap on crypto ATM transactions to enhance fraud prevention measures;
  • The bill mandates licensing, fraud warnings, and blockchain monitoring for crypto ATM operators to improve oversight;
  • Since the Senate modified the bill, it must return to the House for approval before becoming law.

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North Dakota Senate Revives $2,000 Daily Limit for Crypto ATM Users

Lawmakers in North Dakota have advanced a bill that imposes stricter regulations on cryptocurrency ATMs, including a $2,000 cap on daily transactions per user.

The state Senate supported House Bill 1447 with a 45-1 vote on March 18, restoring the limit after it was initially removed by the House.

The bill, introduced on January 15, is designed to reduce fraud by tightening oversight of crypto ATMs. It requires operators to obtain a money transmitter license, provide fraud warnings at kiosks, and use blockchain analytics to monitor for suspicious activity. Additionally, operators must submit quarterly reports detailing ATM locations, ownership, and transaction records.

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When first proposed, the bill set a $1,000 daily transaction limit, but a House committee later raised the cap to $2,000, which allows users to make up to five transactions within 30 days. The Senate has now simplified the rule by enforcing a flat $2,000 daily limit across all machines operated by a single provider.

Since the Senate’s version differs from what the House previously approved, the bill must return to the House for another vote.

During a legislative hearing on January 22, Representative Steve Swiontek, the bill’s sponsor, highlighted how unregulated crypto ATMs have become an easy target for scams. The proposed requirements aim to protect users while ensuring that legitimate transactions continue.

North Dakota is not alone in addressing crypto ATM security concerns. Nebraska recently took similar steps, with Governor Jim Pillen signing the Controllable Electronic Record Fraud Prevention Act into law on March 13. What does the bill entail? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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