If you typically buy cryptocurrencies at a convenience store or a gas station, there’s a change you should know before your next transaction. Florida approved new restrictions for cryptocurrency ATMs that will take effect on January 1, 2027. The measure sets how much money you can move per day and adds protections for those who fall victim to certain scams.
The governor Ron DeSantis signed the HB 505, which aims to strengthen oversight of these devices. But there is an important distinction: the restrictions do not apply to traditional bank ATMs where you withdraw cash from your account. The rule pertains to virtual currency kiosks that allow you to buy cryptocurrencies or perform transfers.
How much money can you move per day in Florida?
The law sets limits based on how long you have been operating with the kiosk’s operator. In accordance with Florida Statutes Section 560.605, the caps are as follows:
To determine which category you belong to, it isn’t enough to have years of Bitcoin purchases. The legislation defines a new customer as someone who has conducted transactions with that company for less than seven days. Starting after seven days of activity, you are considered an existing customer.
There is another detail to keep in mind: the limit is calculated by totaling the day’s transactions. You cannot bypass it simply by using multiple machines of the same type to conduct additional transactions.
You can consult the details in Florida’s official legislation.
What changes if you are a victim of a scam?
Money sent through a cryptocurrency ATM can be difficult to recover. Precisely for that reason, the new law includes measures designed to protect users against fraud.
Operators must display warnings about scams and provide receipts with relevant transaction information, including charges and the operation data. The goal is to give you more elements to identify what you did and file a claim if a problem arises.
The regulation also contemplates a full refund within 72 hours for a client’s first cryptocurrency transaction when specific conditions are met. Among them, that the funds were transferred to a wallet or an exchange platform outside the United States, that the fraud is reported to the operator and to an authority within 60 days, and that evidence is provided, such as a police report or a sworn statement.
This is not a blanket refund guarantee for any loss. The legal requirements must be satisfied.
The warning you should take seriously before sending money
One of the risks the law seeks to combat is fraud in which a stranger pretends to be a government agent, a debt collector, or a police officer and orders you to deposit money into a cryptocurrency ATM.
If someone pressures you to make an urgent transfer with the argument that you must pay a fine, resolve a migration issue, or protect your savings, stop before sending funds. Do not trust an identity you have not verified.
The Florida law will take effect on January 1, 2027. Until then, knowing these rules can help you distinguish a legitimate operation from a suspicious situation.
If you use these kiosks, check the fees, keep the receipts, and always confirm who will receive your cryptocurrencies. A transfer can take seconds; solving a scam, on the other hand, can become a long and costly process.
