Cryptocurrency kiosks are found in retail stores, convenience stores, and gas stations.
Daniel Roe, advocacy and community engagement manager for AARP Kentucky, said House Bill 380 requires operators to be licensed, mandates user ID verification, and sets daily transaction limits.
"If someone wanted to deposit $22,000 into a crypto ATM at a gas station, they could do that today," Roe pointed out. "It could very well be fraudulent, scam-related activity, so what the bill proposed, currently, as it stands, is a $500 daily transaction limit."
As of 2024, there were more than 30,000 crypto kiosks nationwide, according to AARP. The bill has been introduced to the Kentucky House and referred to the Committee on Banking and Insurance.
Roe noted that across the state, those who live and work near crypto kiosk locations often witness scams.
"They have cash, money, or a bank envelope. They're talking on the phone," Roe outlined. "They may look distressed. It could be an older adult."
The federal Consumer Protection Bureau advised people to never believe anyone who says you need to use a crypto ATM to protect your money or fix a problem, even if they claim to be from a recognized institution or government agency. They added: "Never withdraw cash in response to an unexpected call or message."
