New crypto ATM law in effect

PCC Employees

DES MOINES—Iowa Legal professional Common Brenna Chook introduced {that a} new state law defending Iowans from dropping cash to scammers by cryptocurrency ATMs goes into effect at present.   
“The legislature acted once they noticed how often cryptocurrency ATMs had been being utilized by scammers to steal from Iowans,” stated Legal professional Common Chook. “Immediately, cryptocurrency ATM firms throughout our state are required to offer higher disclosures, clearer warnings, and decrease charges. This law strengthens protections for Iowans.”
To assist Iowans perceive what the brand new law means, Legal professional Common Chook’s workplace launched a Cryptocurrency ATM Law FAQ, out there here. The FAQ explains what the law does, the best way to report violations of the law, and the best way to get a refund in the event that they put cash in a cryptocurrency ATM due to a rip-off. 
Even earlier than this new law, Legal professional Common Chook acted to guard Iowans who had been tricked into utilizing cryptocurrency ATMs. In February, her workplace’s Client Safety Division sued two cryptocurrency firms for violations of Iowa’s Client Fraud Act and the lack of thousands and thousands of {dollars} of Iowans’ hard-earned cash. Learn the lawsuits here.  
When you or somebody you recognize has put cash right into a cryptocurrency ATM due to a rip-off, contact the Iowa Legal professional Common’s workplace at 1-888-777-4590 or cryptoscam@ag.iowa.gov. It’s also possible to file a criticism on-line at https://www.iowaattorneygeneral.gov/for-consumers/file-a-consumer-complaint. When you imagine a cryptocurrency ATM operator isn’t following the law, file a criticism with the Client Safety Division here.