Arizona’s cryptocurrency ATM law goes into effect
On September 26, Arizona’s attorney general announced that Arizona’s new cryptocurrency kiosk license fraud prevention law goes into effect that day, aiming to enact stronger protections against those vulnerable to cryptocurrency ATM scams, particularly seniors. As previously covered by InfoBytes, the Arizona State Legislature enacted HB 2387 earlier this May which requires cryptocurrency kiosk operators to clearly disclose terms and conditions, provide two specific disclosure warnings, and provide a receipt following the transaction. The law lowers daily transaction limits to $2,000 for new customers and $10,500 for existing customers, mandates new warning signs on ATM screens requiring customer acknowledgment before transactions, and obligates kiosk and ATM operators to issue full refunds — including fees — to new customers who report fraud within 30 days of the transaction. Furthermore, operators must provide 24/7 live customer service, and the toll-free number must be appropriately displayed.