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

submitted 11 months ago by [email protected] to c/[email protected]

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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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[-] [email protected] 26 points 11 months ago

They're not exploiting the ATMs. The ATMs are working as designed.

this post was submitted on 23 Oct 2023

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