WASHINGTON STATE — In response to a rise in crimes involving crypto kiosks, a new bill in Washington aims to protect consumers, especially older adults, from fraud.
Crypto kiosks are machines found in stores and gas stations that allow people to convert cash into cryptocurrencies or vice versa. Scammers often pose as tech support or government agents and direct victims to deposit cash into these machines to buy cryptocurrency, which is then nearly impossible to recover.
Cathy MacCaul of AARP Washington highlighted the importance of the proposed legislation.
“If we can cap the daily transaction per consumer, then we can at least slow down this victimization of especially older adults who are putting in, basically, in some cases, their life savings into these kiosks,” MacCaul said.
The legislation would cap daily transactions at $1,000 per customer. MacCaul noted that in 2024, older adults accounted for 85% of the reported national losses through crypto kiosk scams, which totaled nearly $250 million.
The law would also limit fees and mandate that clear scam warnings be posted on the kiosks. Additionally, it would require that the machines issue paper receipts.
“Law enforcement agencies really emphasize the need for these paper receipts, so that they have some documentation to look at how they can actually take further action,” said MacCaul.
There are currently about 500 crypto kiosks in Washington, which are regulated by the state’s Department of Financial Institutions.
