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Scammers exploit bitcoin ATMs. Will new California laws help crack down on fraud?

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???

scrubbles ,
@scrubbles@poptalk.scrubbles.tech avatar

As someone who tinkered with crypto and understands basic security, I don’t understand why anyone trusts these shady looking atm things. They’ve popped up on the weirdest places and I don’t see why anyone would share their information with them

ChaoticNeutralCzech ,

To be scammed untraceably even if you can barely use a PC.

megopie ,

… I mean, frankly I don’t see many legitimate use cases for crypto anyways. Cash Is kind of a better option in most cases where credit/debit cards would be out of the question.

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