Security
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March 14, 2025
Nebraska Gov. Jim Pillen has signed a law called the Controllable Electronic Record Fund Prevention Act to combat crypto ATM fraud. The law requires operators to have a license with Nebraska’s Money Transmitters Act and register with the Department of Banking and Finance, according to a report by Coin Telegraph.
The law also puts a daily transaction limit of $2,000 daily for new users, $5,000 for existing customers and a fee cap of 18%. In addition, new customers can receive a full refund if they report fraud within 90 days, and existing customers can receive fee refunds.
The law aims to prevent growing fraud, where scamsters get victims to deposit money into cryptocurrency ATMs.
There has been a wave of calls for crypto ATM regulations. Illinois Sen. Dick Durbin proposed a bill in the Senate to put a $2,000 daily limit for new users.
