consumerprotection

🚨 SCAM ALERT: San Antonio Fights Back Against $39M Bitcoin ATM Frauds! 🚨
Crypto scams are hitting closer to home than ever. San Antonio just ordered mandatory, bilingual warning signs on all 193 Bitcoin ATMs in the city after a staggering $39 million was lost to scammers between January 2024 and April 2026. 📉💔
🛑 How the Scam Works:
The Scare: Scammers call spoofing real numbers, pretending to be police officers, government agents, or utility companies.
The Pressure: They claim there is an urgent emergency (like an arrest warrant or unpaid bill) and demand immediate payment.
The Trap: They keep victims on the phone the entire time so they can't ask for help, forcing them to deposit cash directly into a Bitcoin ATM.
🔞 Who is Being Targeted?
While victims range from teenagers to 90-year-olds, nearly 38% of victims were seniors aged 66 or older. While most lost under $50,000, four tragic cases saw losses of over $1 million each.
📋 The New Rules (Starting July 1):
All crypto kiosks must prominently display bright, color-coded warning signs in both English and Spanish.
The signs list common scam tactics and tell users to hang up and call 911 if they feel pressured.
Companies failing to comply face fines between $100 to $500 per day, per machine.
💡 The Golden Rule from Police:
NO government agency, court, or utility company will EVER ask you to pay via a Bitcoin ATM. Once cash is converted to crypto and sent to a scammer's wallet, it cannot be reversed or recovered. Spread the word and protect your friends and family! 🛑✋
#Cryptoscam #ScamAlert #SanAntonio #BitcoinATM #ConsumerProtection #StaySafe
$BTC

AI service providers face growing scrutiny over subscription transparency. A new lawsuit against Anthropic’s Claude AI highlights the need for clear usage limits and accurate savings claims. Scrutiny on AI pricing benefits consumers. #AITransparency #ConsumerProtection

Full story: https://cryptoversenews.eu/ai/anthropic-faces-lawsuit-over-allegedly-misleading-claude-ai/

Minnesota Opens Door for Bank Crypto Custody 🏦₿

New Law Takes Effect Aug 1 📅
▶️ Minnesota will let state-chartered banks and credit unions offer regulated crypto custody starting Aug 1.
▶️ It’s the first unified legislative framework in the Midwest covering both banks and credit unions.

How It Works 🔒
▶️ Banks: Can act as fiduciary or nonfiduciary custodians.
▶️ Credit unions: Custodial, nonfiduciary only.Customer assets must be separated from institution assets and can’t be treated as bank property.
▶️ Firms must give 60-day notice with risk management and cybersecurity plans to the state Commerce Commissioner.

Why It Matters 🛡️
▶️ Rep. Steve Elkins says it helps people avoid losing crypto from lost keys/passwords by using trusted custodians.
▶️ The Minnesota Credit Union Network calls it a “safer way to manage crypto” with stronger fraud, hack, and loss protections under oversight.

Crypto ATMs Banned 🚫
▶️ Alongside the custody law, Gov. Tim Walz signed a statewide ban on crypto ATMs/kiosks, effective Aug 1.
▶️ Lawmakers say kiosks are used in scams targeting seniors and vulnerable residents.

Bottom Line 🎯
➖ Minnesota is giving banks and credit unions a clear path to hold crypto for customers while shutting down ATMs seen as scam risks. First major Midwest move on regulated custody.

#️⃣#Minnesota #CryptoCustody #CryptoNews #ConsumerProtection