Fun

News Feed - 2023-10-24 12:10:37

Prashant Jha8 hours agoCalifornia bill aims to cap crypto ATM withdrawals at $1K per day to combat scamsA new legislative investigation found some crypto ATMs charging a premium as high as 33%, while a few ATMs had limits of up to $50,000.3594 Total views86 Total sharesListen to article 0:00NewsJoin us on social networksCalifornia legislators have proposed a new bill titled “Digital financial asset transaction kiosks,” calling for a cap on crypto ATM withdrawals of $1,000 per day in light of growing scams. Additionally, starting in 2025, the law would limit operators’ fees to $5 or 15% (whichever is higher). The bill, if approved, would come into effect on Jan. 1, 2024. 


The bill was introduced after legislative members visited a crypto ATM in Sacramento and found markups as high as 33% on some crypto assets compared with their prices on crypto exchanges. On average, a crypto ATM charges fees between 12% and 25%, according to a legislative analysis. 


Government officials also found ATMs with limits as high as $50,000, prompting them to take regulatory measures to curb such high premiums and withdrawal limits. There are more than 3,200 Bitcoin ATMs in California, according to Coin ATM Radar.


Democratic State Senator Monique Limón, who co-authored the proposed legislation, said the “new bill is about ensuring that people who have been frauded in our communities don’t continue to watch our state step aside” when there are real issues happening.


Another provision of the bill would require digital financial asset businesses to obtain a license from the California Department of Financial Protection and Innovation by July 2025


Crypto ATMs are a popular way for people to exchange cash for their choice of cryptocurrency but have become a hub for scams and exploits because of the nature of transactions (i.e., hard cash). Unlike bank and wire transfers, each transaction leaves less of a trail.


Related: CoinSmart president says crypto taxes are a ‘little bit more favorable’ outside US


Some residents have recently been caught up in such scams, where the scammer persuades the victim to go to a nearby crypto ATM and deposit cash for the crypto of their choice. Some of those affected by ATM scams have lauded the bill and said the low transaction limit would give victims time to realize if they are being duped, reported the LA Times.


On the other hand, crypto ATM businesses said the new bill would harm the small operators who must pay rent on their ATMs. The operators noted that the bill fails to address the core issue of the fraud and instead takes a punitive path focused on a specific technology. They warned such a move would shudder the industry and hurt consumers while doing nothing to stop bad actors.


Magazine:Bitcoin is on a collision course with ‘Net Zero’ promises# Bitcoin# ATM# California# CoinATMRadar# ATMs bitcoin exchange# RegulationAdd reactionAdd reactionRead moreWhy the 2024 Bitcoin halving may play out differently than in the pastIRS proposes unprecedented data-collection on crypto usersCalifornia Gov. Newsom greenlights crypto regulation bill for 2025

News Feed

Nonprofit criticizes Tether in multimillion-dollar ad campaign
Derek Andersen4 hours agoNonprofit criticizes Tether in multimillion-dollar ad campaignConsumers’ Protection will bring negative aspects of Tether to consumer attention with billboards and TV ads.1252 Total views6 Tota
Russian Caught Mining Crypto in Covid-19 Clinic
Russian Caught Mining Crypto in Covid-19 Clinic An IT specialist working for a medical institution in Russia’s Altai Republic has been detained for illegally mining cryptocu
Nvidia stock jumps 11% after SIGGRAPH unveil: ‘next wave of AI is robotics’
Tristan Greene7 hours agoNvidia stock jumps 11% after SIGGRAPH unveil: ‘next wave of AI is robotics’We’re entering the “third wave” of AI and the era of mechanical humanoids, according to Nvidia.1482 Total view
Bitcoin, Ethereum Technical Analysis: BTC Races to 3-Week High on Monday
Bitcoin, Ethereum Technical Analysis: BTC Races to 3-Week High on Monday Bitcoin was trading above $17,000 on Monday, as the world’s largest cryptocurrency raced to a three-
Rich Dad Poor Dad Author Robert Kiyosaki Warns About World War III
Rich Dad Poor Dad Author Robert Kiyosaki Warns About World War III The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has warned about World War Three.
If Bitcoin Passes $14K, Analysts Say Traders ‘Should Look to $20,000’ Instead of Looking Back
If Bitcoin Passes $14K, Analysts Say Traders "Should Look to $20,000" Instead of Looking Back While bitcoin prices touched all-time 2020 highs on Tuesday, a few
Microsoft Stock Blows Away Critics With Huge Buyback Plan
Quick, guess the world"s most valuable company? Apple, Facebook, Google? It"s none of those. Instead, Microsoft has claimed the title. The software giant is now worth $1.1 trillion, narrowly edging out Apple for the top
Dogecoin’s Quiet Setup Could Detonate Shorty, Says Analyst—Here’s The Target
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Korean Regulator Takes Action Against 16 Foreign Crypto Exchanges
Korean Regulator Takes Action Against 16 Foreign Crypto Exchanges The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for oper
Marvin Bertin11 hours agoCentralized vs. decentralized orders matching on DEXsCentralized and decentralized order batchers are central to this discussion, each representing a different approach to order matching.466 Tota
Spot Bitcoin ETFs Record Staggering $4.7 Billion In Seven-Day Inflow Streak — Details
Este artículo también está disponible en español. The spot Bitcoin ETFs (exchange-traded funds) have picked up from where they left off in 2024, enjoying increased attent
Do Kwon Accused of Cashing out $2.7B Before UST Collapse, Terra Founder Says Allegations Are False
Do Kwon Accused of Cashing out $2.7B Before UST Collapse, Terra Founder Says Allegations Are False Terra’s new LUNA 2.0 token has lost 54% in value in the last two weeks, af