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Evansville council adopts ordinance to regulate bitcoin ATMs after police warn of scams
Summary
The Evansville Common Council voted 8-0 on Sept. 8 to adopt an ordinance creating rules for virtual currency kiosks after the police financial crimes unit and AARP volunteers described growing scams at cryptocurrency ATMs.
The Evansville Common Council on Sept. 8 adopted an amended ordinance creating a new chapter of the municipal code to regulate virtual currency kiosks, commonly called bitcoin or cryptocurrency ATMs, after law enforcement and elder-advocacy volunteers described rising fraud tied to the machines.
Detective Nathan Van Cleave, sergeant of the financial crimes unit at the Evansville Police Department, told the council the department has documented a rising number of scams that use cryptocurrency kiosks to convert victims’ cash into digital currency that is then transferred to criminals. "We have approximately 70 Bitcoin ATMs in Evansville," Van Cleave said. He said the department recorded about…
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