S. 710 — Crypto ATM Fraud Prevention Act of 2025

This section expands the definition of money transmitting business under 31 U.S.C. 5330(d)(1)(A) to include any person who owns, operates, or manages a virtual currency kiosk (i.e., automated teller machines that exchange fiat currency for virtual currency such as Bitcoin) in the United States or its territories. It further (1) incorporates definitions of virtual currency, virtual currency address, virtual currency kiosk, and virtual currency kiosk operator from 31 U.S.C. 5337 into subsection (d); and (2) establishes in new subsection (f) a requirement for virtual currency kiosk operators to submit to the Secretary of the Treasury, not later than 90 days after the effective date and every 90 days thereafter, an updated list for each kiosk owned or operated in the United States or its territories that includes the operator's legal and trade names, each kiosk's physical address and start and end dates of operation (if applicable), and each virtual currency address used by the operator. (Thus, false or materially incomplete submissions constitute noncompliance with registration requirements, subjecting operators to existing civil and criminal penalties.)

This section establishes fraud prevention requirements for virtual currency kiosk operators (i.e., persons owning, operating, or managing kiosks that exchange U.S. legal tender for virtual currency, such as Bitcoin ATMs) by adding a new section to the Bank Secrecy Act. Specifically, operators must (1) provide clear pre-transaction disclosures of all terms—including transaction amount, type, finality warning, and fees—and consumer fraud warnings covering common scams (e.g., impersonation, threats, job offers, frozen accounts, charity requests) with instructions to contact customer service or law enforcement; (2) obtain customer acknowledgment of disclosures at the kiosk for each transaction; and (3) issue receipts with operator contact information, customer name, transaction details (type, value, date, time, hash, and virtual currency addresses), U.S. dollar amount, fees, a 30-day fraud report refund notice, refund policy, and law enforcement contacts. Receipts must be physical at the kiosk not later than one year after the section's effective date. (Thus, these measures enable fraud tracing via transaction hashes and addresses while informing users of risks and remedies.)