Attorney General Bird Reminds Iowans of New Crypto Law in Effect Today

Iowa Attorney General Brenna Bird announced that a new state law protecting Iowans from losing money to scammers through cryptocurrency ATMs goes into effect today.    

“The legislature acted when they saw how frequently cryptocurrency ATMs were being used by scammers to steal from Iowans,” said Attorney General Bird. “Today, cryptocurrency ATM companies across our state are required to provide better disclosures, clearer warnings, and lower fees. This law strengthens protections for Iowans.” 

To help Iowans understand what the new law means, Attorney General Bird’s office released a Cryptocurrency ATM Law FAQ, available here. The FAQ explains what the law does, how to report violations of the law, and how to get a refund if they put money in a cryptocurrency ATM because of a scam.  

Even before this new law, Attorney General Bird acted to protect Iowans who were tricked into using cryptocurrency ATMs. In February, her office’s Consumer Protection Division sued two cryptocurrency companies for violations of Iowa’s Consumer Fraud Act and the loss of millions of dollars of Iowans’ hard-earned money. Read the lawsuits here.   

If you or someone you know has put money into a cryptocurrency ATM because of a scam, contact the Iowa Attorney General’s office at 1-888-777-4590 or cryptoscam@ag.iowa.gov. You can also file a complaint online at https://www.iowaattorneygeneral.gov/for-consumers/file-a-consumer-complaint. If you believe a cryptocurrency ATM operator is not following the law, file a complaint with the Consumer Protection Division here. 

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