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Scammers exploit bitcoin ATMs. Will new California laws help crack down on fraud? (www.latimes.com)

submitted 1 year ago by Moonrise2473@feddit.it to c/technology

16 comments fedilink hide all child comments

New California law limits cash to crypto at ATM machines at $1000 per day per person and also the fees that can be imposed by the machines.

The industry says this will hurt the business, hinting that they're profiting from the lack of KYC policies

I don't see any legitimate use from those machines. Who would have a legit need to exchange $15k from cash to crypto at 33% fees????

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[–] megopie 4 points 1 year ago

Or like buy a pre paid card with cash at a corner store.