DES MOINES — A new law in Iowa aims to shield residents from cryptocurrency ATM scams.
Iowa Attorney General Brenna Bird says the legislation mandates that cryptocurrency ATM operators in the state provide better disclosures, clearer warnings, and reduced fees.
“The legislature acted when they saw how frequently cryptocurrency ATMs were being used by scammers to steal from Iowans,” Bird said. “This law strengthens protections for Iowans.”
To assist the public, Bird’s office has released a Cryptocurrency ATM Law FAQ, which details the law’s provisions, reporting procedures for violations, and refund processes for scam victims.
Earlier this year, Bird’s Consumer Protection Division took legal action against two cryptocurrency firms for violating Iowa’s Consumer Fraud Act, resulting in significant financial losses for residents.
For those affected by cryptocurrency ATM scams, contact the Iowa Attorney General’s office at 1-888-777-4590 or email cryptoscam@ag.iowa.gov. Complaints can also be filed online.