Florida imposes new limits for using cryptocurrency ATMs ranging from $2,000 to $10,000

Florida has established new limits for operating cryptocurrency ATMs. Starting January 1, 2027, transactions will be restricted to $2,000 daily for new customers and $10,000 for existing ones. This measure is part of law HB 505, enacted in June, which incorporates specific regulations for these businesses in Chapter 560 of the Florida Statutes.

Who will have a $2,000 limit at Florida's cryptocurrency ATMs?

The legislation considers a new customer to be anyone who has conducted transactions with a virtual currency ATM company for less than seven days. For this group, the maximum allowed will be $2,000 per calendar day. The cap will apply to the accumulated amount, regardless of whether the user makes a single transaction or multiple ones. They will also not be able to exceed the maximum by using different terminals of the same company. In contrast, a existing customer is defined as someone who has operated with the business for seven days or more. In those cases, the maximum rises to $10,000 daily, under the same conditions regarding single or multiple transactions and the use of one or more ATMs.

Controls that cryptocurrency ATMs must apply before each operation

Before starting a transaction, the terminal must ask the user to confirm if they have made another transaction at a virtual currency ATM on that same calendar day. It will also need to inform the corresponding amount, to determine how much they can operate before reaching the applicable limit. Additionally, the screen must display a clear warning about possible frauds. The notice will indicate that scams often begin with contact from a stranger and will ask to immediately stop the operation if someone presenting themselves as a government agent, collector, law enforcement officer, or another stranger instructs them to use the machine.

What information must cryptocurrency ATMs provide after a transaction?

At the end of a transaction, the company must offer the customer the option to receive a physical or electronic receipt. The document must include the name and contact details of the company, an email address, and a toll-free phone number. It must also inform:

• The date
• The time
• The amount
• The type of transaction
• The operation identifier on the blockchain and the wallets used
• The total commission charged
• The exchange rate, when applicable
• The company's responsibility for a late or undelivered transaction
• The refund policy

When should the money from a transaction at a cryptocurrency ATM be refunded?

The law also provides for a full refund of the first virtual currency transaction of a customer when certain conditions related to alleged fraud are met. To access the refund, the user must meet the following requirements:

• Notify the alleged fraud within 60 days to both the company and a government agency or law enforcement.
• Present proof of the alleged fraud to the business, such as a police report or a sworn statement before a notary.

When both conditions are met, the company must issue the full refund within 72 hours as stipulated by the legislation. This mechanism specifically applies to the customer's first transaction and does not establish an automatic refund for all operations conducted at these ATMs.