Court Ruling Enforces $1,000 Withdrawal Cap at Crypto ATMs in California
A California Superior Court has upheld the Digital Financial Assets Law, enforcing a $1,000 daily withdrawal limit at cryptocurrency ATMs.
The law, designed to protect consumers from fraud, also mandates that crypto ATM operators obtain licenses. Limit fees, and provide new disclosures. The court’s ruling supports the California Department of Financial Protection and Innovation’s (DFPI) position. Stating that the withdrawal cap is a reasonable fraud prevention measure.
The law, which was enacted in October 2023, will fully take effect in July 2025, further regulating digital asset businesses in the state.
Clever Robot News Desk 5th September 2024
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