Massachusetts considers banning cryptocurrency ATMs
Cryptocurrency ATMs, which convert cash directly into virtual currencies, have proliferated in Massachusetts since 2014, with roughly 500 machines now operating across the state. A Boston Globe investigation estimated about $7 million was lost to scams using those kiosks last year, and testimony cited that roughly 80 percent of transactions over $10,000 were tied to fraud. Massachusetts currently has no state limits, prompting proposals for daily caps up to $1,000 and fee limits of 3 percent or $5, and an amendment was introduced to ban the machines outright.
Massachusetts residents lost about $7 million to crypto ATM scams.
Context
A Globe investigation exposed large scam losses at crypto ATMs. The state has no current ATM limits. Lawmakers are considering fee caps, transaction limits, or a ban.
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