In 2023, North Dakota witnesses significant losses from crypto scams, totaling 6.5 million USD from 103 residents. This alarming trend has prompted lawmakers to act to safeguard consumers.
The proposed House Bill 1447 introduces restrictions, limiting daily ATM withdrawals to 1,000 USD and capping transaction fees at a maximum of 5 USD or 3% of the total amount.
Representative Steve Swiontek emphasizes the need for enhanced protections as elderly residents are particularly targeted by scams, thus the bill mandates ATM warnings about fraud and recovery limitations.
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