Cryptocurrency kiosks are fast becoming the preferred way for scammers to separate kupuna and other consumers from their money. This has to stop, and anti-fraud legislation before the House and Senate (Senate Bill 2387 and House Bill 1642) would create common-sense safeguards to reduce fraud losses involving cryptocurrency kiosks, also known as bitcoin ATMS.
In 2024, Hawai‘i consumers lost nearly $1 million to scammers using cryptocurrency kiosks. These are only the reported losses. The actual losses are much higher.
Senate Bill 2387 and House Bill 1642, which would create safeguards for consumers who use cryptocurrency kiosks, passed unanimously through both chambers. Mahalo for your vote.
But the job isn’t done. A conference committee must resolve differences in the bills. One bill would limit cryptocurrency kiosk deposits to $2,000 per day, allow refunds to fraud victims, and provide other protections. The other would ban cryptocurrency kiosks from accepting cash or credit card deposits.
A version of one of these bills must pass this year and become law. Failure to pass a law means Hawai’i consumers will lose even more money. We can’t afford to wait.