ReportWire

Tag: convenience

  • California Implements New Cryptocurrency Laws to Combat Bitcoin ATM Scams

    California Implements New Cryptocurrency Laws to Combat Bitcoin ATM Scams

    [ad_1]

    Bitcoin (BTC) ATMs have become both convenient and worrying, with scammers taking advantage of unsuspecting victims. Authorities in the US and other jurisdictions are now waging a war against crypto-ATM-based scams.

    California takes a stance on new cryptocurrency laws

    The state of California has introduced rules for cryptocurrency transactions. Senate Bill 401, signed by Governor Gavin Newsom, means you can only make $1,000 worth of cryptocurrency transactions at ATMs each day, and starting in 2025, the maximum they can charge you is $5, or 15% of the transaction. Whichever is higher.

    Initially, some Bitcoin ATMs allowed up to $50,000 in transactions with fees ranging between 12% and 25% above the value of the digital asset. These changes are intended to protect people from scams and high fees, explained Sen. Monique Lemon, one of the co-authors.

    Scammers taking advantage of the convenience of Bitcoin ATMs have been a growing concern, with the Federal Trade Commission reporting that more than 46,000 people have lost more than $1 billion to cryptocurrency scams since 2021. New transaction limits give victims more time to spot scams before loss of money. But Charles Bell of the Blockchain Advocacy Coalition worries that these rules could hurt the cryptocurrency industry and small businesses.



    You may also like:

    Explore Australia’s rapid rise in the global cryptocurrency ATM scene

    FBI Alerts About Bitcoin ATM and QR Code Scams

    The Federal Bureau of Investigation (FBI) has raised the alarm about fraudulent schemes exploiting ATMs for cryptocurrencies and quick response (QR) codes for payments. These schemes take various forms, including online impersonation, romance scams, and lottery fraud, all using cryptocurrency ATMs and QR codes as tools.

    QR codes, which smartphone cameras can scan, simplify cryptocurrency payments. However, criminals are now using it to trick victims into paying money. Victims are often asked to withdraw money from their accounts and use a QR code provided by scammers to complete transactions at physical cryptocurrency ATMs.

    Once the victim makes the payment, the cryptocurrency is transferred to the scammer’s wallet, making recovery nearly impossible due to the decentralized nature of cryptocurrencies. The FBI offers several tips to protect against these schemes, focusing on caution, verification, and avoiding cryptocurrency ATM transactions that promise anonymity using only a phone number or email.



    You may also like:

    Bitbuy is partnering with Canada’s largest Bitcoin ATM provider

    Cryptocurrency regulation efforts in California

    The passage of Senate Bill 401 in California is part of a broader effort to regulate the cryptocurrency industry while protecting consumers. Another law, scheduled to take effect in July 2025, will require digital financial asset companies to obtain licenses from the California Department of Financial Protection and Innovation. This represents a clear shift towards tightening government regulation and oversight in the world of digital finance.

    Gavin Newsom’s decision to sign these bills into law demonstrates California’s commitment to strengthening the cryptocurrency industry and protecting its citizens. Balancing innovation and security remains a challenge, especially in a rapidly evolving digital landscape.

    Bitcoin Depot’s historic debut on the NASDAQ

    In July, Bitcoin Depot, a leading bitcoin ATM operator, went public on the Nasdaq. This milestone comes after Bitcoin Depot merged with GSR II Meteora, a blank check company.

    The move to go public demonstrates the growing legitimacy and acceptance of cryptocurrencies in major financial markets.

    Authorities vs. illegal crypto ATMs

    The UK Financial Conduct Authority (FCA) is taking a strong stance against illegal cryptocurrency ATM operators. Using its power under money laundering regulations, the Financial Conduct Authority (FCA) has carried out raids on cryptocurrency ATMs suspected of illegal activities across England.

    The measures, which follow previous operations in east London and Leeds, are part of the Financial Conduct Authority’s (FCA) efforts to crack down on unregulated cryptocurrency operations. This highlights global pressure for stronger cryptocurrency regulation, mirroring steps taken in California. The balance between innovation and security remains a fundamental concern for regulatory bodies around the world.



    Read more:

    McLennan County Bitcoin ATM Lawsuit Resolved

    [ad_2]

    Editorial Team

    Source link

  • Verijet Receives Agents for Change Green Travel Award at Sustainable Development Goals Gala for United Nations Assembly Week

    Verijet Receives Agents for Change Green Travel Award at Sustainable Development Goals Gala for United Nations Assembly Week

    [ad_1]

    Verijet was recognized as an agent of change for taking action to lead toward a healthier planet.

    Press Release
    –

    Sep 20, 2022


    NEW YORK, September 20, 2022 (Newswire.com)
    –
    U.N. ambassadors, heads of delegations, diplomats, fashion and entertainment VIPs, and prominent climate change activists from around the world gathered on September 19 to support U.N. Sustainable Development Goals and Fashion 4 Development (F4D) efforts to promote positive strategies for sustainable economic growth. They recognized environmentally conscious organizations currently making a difference in different sectors. They heralded them as agents for change with awards for taking actions that lead towards a healthier planet, preserving culture, and empowering women and children.

    Verijet was recognized as an agent of change for taking action to lead toward a healthier planet. Verijet was presented with the Green Travel Award. Richard Kane, Verijet’s Founder, Chairman, and CEO, was on hand to accept the award and made the following comments:

    • “I am deeply honored to receive this award on behalf of Verijet and our team. Some of the first environmentalists were aviators. As aviators, we see and monitor positive and negative environmental change, driving recognition and focus where it is most needed. 
    • If we are to preserve and extend the freedoms of flight, we must decarbonize, democratize, and participate in making the planet healthier, safer, and more equitable for present and future generations. I founded Verijet on these principles. 
    • When you see the planet from space or your village from the air, you understand humanity’s impact on the earth — it changes your awareness. Eighty percent of us have never been above ground level, and we now can sustainably expand our horizons.

    About Verijet

    Verijet is a revolutionary private aviation company. All Verijet flights are 100% carbon neutral. This is our reality today, not a pledge in the future. Travelers can fly confidently, knowing that their flight has zero carbon impact. Verijet currently offers services in the Northeast, the Southeast, and the Western U.S. Verijet is committed to supplying sustainable aviation solutions that protect the environment and make the planet healthier for present and future generations. Verijet uses A.I. and large-scale computing in conjunction with the safest, most fuel-efficient, least polluting, smoothest flying, and most advanced small jet aircraft in the air today. Verijet invites you to experience the next generation of safe, fast, direct, convenient, eco-friendly private air travel. To learn more, please go to www.verijet.com or call us at 833-VERIJET.

    Source: Verijet, Inc.

    [ad_2]

    Source link