Crypto

Evansville City Council approves ordinance to combat scams involving cryptocurrency ATMs

Published

3 months ago

September 9, 2025

Evansville City Council approves ordinance to combat scams involving cryptocurrency ATMs

EVANSVILLE — In an effort to help combat scams involving cryptocurrency, the Evansville City Council passed an ordinance Monday with a few regulations for crypto ATMs in the city.

City councilors passed Ordinance G-2025-19 in an 8-0 vote after a presentation from Evansville Police Department Detective Sgt. Nathan VanCleave. Councilor Tanisha Carothers, D-Fourth Ward, was not at the meeting.

VanCleave said the city has around 70 bitcoin ATMs, most in gas stations. They look like a regular ATM, but instead of being connected to a bank account, they are connected to a currency exchange.

“You can walk to it, put some cash in there, and then instantly it will be transferred to cryptocurrency,” he said.

He said that may not sound like a problem, but the machines use about a 10% to 15% markup. So, if someone wants to buy $10,000 of crypto it’s going to cost $15,000.

Wealthy crypto owners and the rise of ‘wrench attacks’

For crypto traders, online encryption doesn’t matter when someone takes you hostage to coerce you into revealing your password.

VanCleave said people who are caught up in a scam with crypto have been told they have a warrant, their bank account is comprised or a variety of other lies. The scams often target the elderly or those who don’t speak English.

“They’ll go to the bank and pull out $10, $20, $30,000, and go start shoving this money in these Bitcoin ATM’s where the scammers have already set up an account for them,” he said.

Once the money is in the account, VanCleave said it’s virtually irrecoverable and there isn’t going to be an arrest.

Two years ago, the city had eight such cases. Last year there were 20 and already in 2025 there have been 25 cases, VanCleave said. The average loss is about $10,000 per person.

The ordinance passed Monday establishes a section of city code titled Virtual Currency Kiosks. It includes a section that requires the kiosk to include a disclosure in bold about consumer fraud. The kiosk must also provide a receipt.

A dedicated customer assistance line must also be available, as well as a line for members of law enforcement to contact if the kiosk becomes a part of an investigation.

For kiosk operators who may be in violation of the ordinance, there are penalties outlined per offense. Those start at $100 for the first offense and up to $500 for continued violations in the same calendar year.

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Crypto

Crypto Tax Pressure Reaches Congress as Lawmakers Face Urgent Push to Rewrite Federal Rules

Published

7 hours ago

December 17, 2025

Press Room

Lawmakers are confronting rising pressure to modernize cryptocurrency tax policy as uncertainty clouds compliance, threatens U.S. competitiveness, and forces Congress to weigh legislative action amid warnings that capital and innovation could move offshore.

Crypto

Cryptocurrency becomes trendy holiday gift option

Published

20 hours ago

December 16, 2025

Press Room

Cryptocurrency becomes trendy holiday gift option

PHOENIX (AZFamily) — Cryptocurrency is appearing on more holiday wish lists as gift-givers look for alternatives to traditional presents.

A new survey from the National Cryptocurrency Association and PayPal shows 24% of Americans have given or are considering giving cryptocurrency this holiday season.

The survey also found that 17% of consumers would rather receive cryptocurrency than a gift card, and 31% of Americans believe crypto gifts are less likely to go unused than gift cards.

“It’s actually a trending holiday gift, especially compared to gift cards,” said Ali Tager, a spokesperson for the NCA. “We know crypto is becoming increasingly mainstream.”

Tager said people like receiving cryptocurrency because it has the potential to increase in value.

“There’s so much you can do with this technology and it’s still in its early days,” she said.

Financial advisor Angelica Prescod said there are other investment options to consider for gift-giving.

“One of them is just gifting people something simple. Maybe some shares of some stocks that you may already have, that you are gifting over, or you can give them the cash to do so and open up their own account and feel involved in the process,” Prescod said. “For most folks [cryptocurrency] is not really the go to.”

Gift-givers can also contribute to 529 plans for college and other education expenses.

“It’s that gift that potentially can keep on giving,” Prescod said.

For those still interested in giving cryptocurrency, experts recommend doing research first.

“Like with everything, anywhere, you always want to do your research. You want to make sure to verify your sources. You never want to take financial advice from strangers or click on random links that you receive,” Tager said.

The National Cryptocurrency Association offers a crypto simulator that helps users learn how to choose an exchange, set up a wallet, and send and receive cryptocurrency without spending real money.

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Crypto

Visa Targets Banks and Fintechs With Stablecoin Advisory Launch as Adoption Pressure Tightens

Published

1 day ago

December 16, 2025

Press Room

Visa Targets Banks and Fintechs With Stablecoin Advisory Launch as Adoption Pressure Tightens

Visa is moving deeper into stablecoin-powered payments as adoption surges, launching a new advisory practice to help banks, fintechs, and enterprises design, assess, and deploy stablecoin strategies across global payment and treasury operations.