Coinpaper 2025-08-12 11:52:07

Wisconsin Targets Crypto ATM Fraud with New Identity Verification Laws

Bill mandates KYC, sets $1,000 daily limits, caps commissions. Full refunds required for fraud victims who report within 30 days. Wisconsin hosts 582 Bitcoin ATMs; fraud complaints surged 99% in 2024. On August 11, 2025, Wisconsin Democrats filed their second bill in two weeks (Senate Bill 386) aimed at tightening regulations on cryptocurrency ATMs amid rising fraud. Senate Bill 386, introduced by Sen. Kelda Royce and six colleagues, duplicates Assembly Bill 384, filed July 31 by Representative Ryan Spode and 10 other co-sponsors. Both bills provide a single regulatory framework and include: Mandatory payment transmitter license for operators; Strict identity verification and collection of personal data (name, date of birth, address, telephone number, identity document); Transaction limits up to $1,000 per day per client; Commission cap at $5 or 3% of the transaction amount (whichever is greater); Mandatory fraud warnings on every crypto ATM; A policy of providing full refunds to victims of fraud if they report the incident to the operator and law enforcement within 30 days. The initiative follows an urgent warning from the US Treasury Department's Financial Crimes Enforcement Network (FinCEN) about a 99% increase in complaints regarding cryptocurrency ATM fraud in 2024, with victims losing nearly $247 million. “While crypto ATMs were initially a natural extension of the digital asset ecosystem, a convenient way to purchase through physical terminals, the lack of proper KYC procedures made them vulnerable to money laundering and illegal activities,” said Arjun Vijay, founder of Giottus exchange. According to Coin ATM Radar, Wisconsin is home to 582 Bitcoin ATMs out of 31,439 operating nationwide. State Democrats noted that limiting anonymity could reduce large transactions but, at the same time, “increases public confidence and creates the preconditions for safer use of digital currencies in everyday transactions,” said Dilip Kumar HV, director of the Digital South Trust. Both bills are now referred to the financial institutions committees. If approved, the customer identification requirements would go into effect 60 days after the bill’s passage.

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