{"id":375,"date":"2026-06-09T20:05:20","date_gmt":"2026-06-09T20:05:20","guid":{"rendered":"https:\/\/northcarolinamovingjournal.com\/?p=375"},"modified":"2026-06-09T20:05:20","modified_gmt":"2026-06-09T20:05:20","slug":"crypto-atm-regulations-move-forward-in-nc-despite-pushback-from-industry","status":"publish","type":"post","link":"https:\/\/northcarolinamovingjournal.com\/?p=375","title":{"rendered":"Crypto ATM regulations move forward in NC despite pushback from industry"},"content":{"rendered":"
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A proposal to regulate the growing cryptocurrency ATM industry in North Carolina is moving forward in the state House \u2014 but not without some concessions to the industry.<\/p>\n

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Crypto kiosks are ATMs that allow a user to convert currency to blockchain cryptocurrency. They\u2019re currently unregulated in North Carolina, and they\u2019re often used in criminal scams because cash converted to crypto can\u2019t be traced or retrieved.<\/p>\n

For example, a scammer might call and claim to be an IRS agent or a member of law enforcement. The scammer tells the victim they\u2019ll be arrested unless they pay a massive \u201cfine\u201d using a crypto ATM. Once the transaction has begun, it can\u2019t be canceled, and the money can\u2019t be retrieved even after the scam is revealed.<\/p>\n

Bill sponsor Rep. Neal Jackson (R-Moore) said senior citizens are the primary target of crypto scams, and North Carolina is one of the hardest-hit states, with more than 4,300 fraud complaints in 2025.<\/p>\n

\u201cMore than half of victims are over age 60. Seniors lost $257 million last year to these scams,\u201d Jackson said.<\/p>\n

House Bill 920 would subject crypto kiosk operators to the state\u2019s Money Transmitters Act, under oversight of the North Carolina Commissioner of Banks. It requires consumer protections like scam alert signs on kiosks, live customer service, receipts for transactions, and the ability to cancel a transaction while in progress until it\u2019s finalized. It also allows a 30-day window for customers to claim refunds for fraudulent transactions.<\/p>\n

The original version of the bill heard in House Commerce last week included daily transaction limits of $1,000 per day for new customers and $2,500 for existing customers, and capped transaction fees at 3%.<\/p>\n

Claire Wolfson, a representative of kiosk operator CoinFlip, told lawmakers her company supported most of that version, but had \u201csome concerns with some of the numbers.\u201d<\/p>\n

The version of H920 that emerged from House Finance Tuesday is considerably more generous to the industry. It would move the fee cap from 3% to 14%, and raise the daily transaction limits to $2,000 for new customers and $5,000 for existing customers.<\/p>\n

CoinFlip didn\u2019t immediately respond to NC Newsline\u2019s questions about its involvement in the changes to the bill.<\/p>\n

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Rep. Tim Longest, a Wake Democrat, tried unsuccessfully to change the bill back to its original limits and caps. He said the 14% fee cap is too high, while a 3% cap, which is what conventional ATMs can charge, would still allow kiosk operators to make a profit without taking \u201ca large chunk\u201d of the transaction.<\/p>\n

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As consumers lose millions to gift card scams, lawmakers pressure businesses<\/p>\n<\/blockquote>\n