Politics
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A Maine Bitcoin business that has operated ATM-like kiosks for the cryptocurrency around the state said a new law the Legislature overwhelmingly approved this year forced it to close.
Maine Bitcoin LLC founder Jake Snow said on social media over the weekend a law that Gov. Janet Mills signed in June and that took effect immediately thanks to nearly every state legislator backing it has caused the business to shut down after operating more than 36 kiosks between Maine and New Hampshire since its launch in 2016.
Both red and blue states have joined Maine in passing kiosk regulations this year. The bill, which was requested by the Democratic governor’s administration, targets the kiosks that operate like ATMs by facilitating the exchange of bitcoin and other decentralized cryptocurrencies that have grown in popularity in recent years while garnering both praise and skepticism for their volatility, potential for big returns and connection to scams.
Maine’s new law, sponsored by Sen. Chip Curry, D-Belfast, requires licenses for kiosk operators and caps the fees they charge at either $5 or 3 percent of the transaction’s dollar amount, whichever is greater. It also creates a $1,000 daily transaction limit per customer and sets up a refund process for customers in cases of fraudulent and deceptive transactions.
AARP Maine, Attorney General Aaron Frey and older Mainers who emotionally described at a public hearing their tales of losing thousands of dollars in scams involving the crypto kiosks endorsed the proposal. Bitcoin Depot, which bills itself the largest crypto kiosk operator in the world, said it supported some of the regulatory provisions but warned the 3 percent fee cap would be the lowest in the country and cause operators to leave the state.
Every lawmaker except one member in the House voted to pass the bill as an emergency measure. A roll call was not formally recorded on the final vote, though one “no” vote is listed on the Legislature’s website. The House clerk’s office said Tuesday it did not have a record of which member voted against it.
Maine Bitcoin LLC said it costs about eight times as much money to operate kiosks as what the new law allows it to charge. Snow told a reporter Curry is his state senator in Waldo County and expressed disappointment in Curry not reaching out to him for feedback on the measure.
“The bill does not add consumer protection,” Snow said in a message. “It’s disguised to destroy the industry, which it has done completely.”
Reuters reported in 2022 that there were as many as 50,000 crypto kiosks in the U.S. and counting. But consumer protection advocates have warned of scammers taking advantage of the kiosks that let a person walk up to them to insert cash or a debit card to eventually purchase cryptocurrency.
Curry pointed to the AARP estimating more than 200 people in Maine have lost a total of nearly $6 million in crypto scams, including cases involving kiosks. The FBI reported nearly 11,000 complaints of crypto kiosk fraud in 2024, with the cases disproportionately affecting older Americans and costing victims about $246.7 million.
Garry Mitchell, a 72-year-old North Yarmouth resident, testified in support of the bill during an April hearing and teared up while describing how cybercriminals caught him up in a scam at a kiosk that involved him depositing thousands of dollars to try to get out of it.
“These people prey on your sense of decency and morality,” Mitchell said.
Curry acknowledged Maine Bitcoin LLC’s comments when a reporter reached out for comment Monday, but he said he worked with the Maine Bureau of Consumer Credit Protection on it and pointed to the widespread support for what is now law.
“Without the necessary consumer protections in place that this bill provides, these kiosks will continue to be a hotbed of highway robbery,” Curry said. “To be quite honest, my top concern is protecting the residents of my community from theft, not propping up a business model that facilitates theft as a source of profit.”
