Crypto ATM Provider Settles with CT Banking, Refunds $86K to Customers

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• Bitcoin of America has reached a settlement with the Connecticut Department of Banking to refund four customers who lost tens of thousands through its crypto kiosks.
• The fraudsters tricked victims by impersonating existing companies and banks, eventually leading to their money being sent directly to the scammer’s wallets instead.
• The proposed bill HB 6752 would require anyone running a virtual currency kiosk to get a money transmitter license, and put clear disclosures for customers to read and agree on before using the booth.

Bitcoin of America Settles with Connecticut Banking

Bitcoin of America has agreed to settle with the Department of Banking in Connecticut after several customers complained of losing money in scams facilitated by the virtual currency kiosks owned by Bitcoin of America. Four users fell victim to these scams, losing tens of thousands through these virtual currency kiosks. As part of this settlement deal, Bitcoin of America will be refunding $86k to these victims.

Scammers Impersonate Companies and Banks

The fraudsters behind these scams were able to trick victims by impersonating existing companies and banks, luring them into depositing cash into the kiosk by providing QR codes as proof that their money was safe. However, once they had made their deposit, the scammers conducted a conversion transaction sending cryptocurrency directly to their wallets instead – leaving the victims with nothing.

Illegal Operation in Connecticut

It was discovered that Bitcoin in America network had been illegally operating in Connecticut without licensing – something which only added fuel to this unfortunate affair. In response, regulators have proposed bill HB 6752 – “An Act Concerning Digital Assets” – which would give authority to adopt virtual currency regulations and require anyone running a virtual currency kiosk get a money transmitter license.

Alert For Investors

The Connecticut State Police and the banking department have created an alert with guidelines for investors on how they can avoid falling prey to such scams in future. It is important that people are aware when dealing with any form of digital asset so as not make themselves vulnerable when it comes time for transactions or investments involving cryptocurrencies or other digital assets.

Conclusion

This case serves as yet another example why it is essential that we take precautions when dealing with any kind digital asset or virtual currencies. Education is key here so we must ensure that everyone knows how best protect themselves from potential pitfalls out there when it comes making investments online or using services such as crypto ATMs provided by Bitcoin Of America or other companies like them

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