Brokerage fintech Robinhood is set to acquire WonderFi, a Canadian crypto firm, for about 250 million Canadian dollars ($179 million) in an all-cash deal to expand its global presence.

The acquisition is expected to close in the second half of 2025, Robinhood said in a May 13 news release.

WonderFi operates two of Canada’s longest-standing regulated crypto trading platforms, Bitbuy and Coinsquare, managing over 2.1 billion Canadian dollars in assets under custody. These platforms offer crypto trading, staking and custody services.

“WonderFi has built a formidable family of brands serving beginner and advanced crypto users alike, making them an ideal partner to accelerate Robinhood’s mission in Canada,” said Johann Kerbrat, senior vice president and general manager of Robinhood Crypto.

Under the terms of the deal, Robinhood will acquire all outstanding WonderFi shares at 0.36 Canadian dollars per share — a 41% premium over WonderFi’s last closing price on the Toronto Stock Exchange and a 71% premium over its 30-day volume-weighted average price.

Before the deal, WonderFi’s market cap was 163.9 million Canadian dollars, and its stock was down 13.6% year-to-date on the Toronto Stock Exchange.

The deal remains subject to customary closing conditions, including regulatory and court approvals, as well as approval by WonderFi’s shareholders.

Source: Robinhood

Related: Robinhood beats Q1 estimates despite revenue, crypto trading dip

Crypto M&A frenzy picks up

Robinhood’s $179 million acquisition of WonderFi is part of a broader wave of crypto industry mergers and acquisitions (M&As) in 2025, spurred by friendlier US regulations under President Donald Trump.

Major deals this year include Coinbase’s $2.9 billion purchase of Deribit and Ripple’s $1.25 billion acquisition of Hidden Road.

On May 2, Kraken completed its acquisition of the futures trading platform NinjaTrader, which expands the exchange’s customer base and enables it to offer crypto futures and derivatives in the US.

Robinhood has also been on a buying spree. In 2024, the brokerage firm acquired Bitstamp cryptocurrency exchange in a $200 million deal, enabling the app to serve institutional clients in the United States.

On May 7, it was also reported that Robinhood is developing a blockchain network enabling European retail investors to trade US securities.

Notably, WonderFi saw strong performance in 2024, processing 3.57 billion Canadian dollars in trading volume, a 28% increase from the previous year.

Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10

Key takeaways:

XRP price has risen 55% since April and is now flashing bullish continuation signals.

Whale flows have flipped positive for the first time since November 2024, historically signaling trend reversals.

A falling wedge breakout projects 40% gains ahead, but $2.80 may act as interim resistance.

XRP (XRP) has bounced by more than 55% since forming a local bottom at around $1.61 in April. It now signals a further price surge owing to bullish technical patterns and onchain data.

XRP/USD daily price chart. Source: TradingViewXRP’s whale flows mirror 2024 price boom

XRP whale wallets (addresses holding large amounts of XRP) have been aggressively reducing their holdings since November 2024, according to data resource CryptoQuant.

XRP whale flow 30-day moving average vs. price. Source: CryptoQuant

The trend pushed net flows deep into negative territory, preceding the sharp correction in XRP’s price from above $3.55 to under $2.00.

As of mid-May 2025, however, the trend has reversed.

Whale outflows have been slowing down, turning the 90-day moving average of net flows positive. In the past, most instances where whale flows turned positive after a prolonged negative trend has marked major bottoms or trend reversals.

A notable example is XRP’s rally from around $0.43 in July 2024 to $3.55 in January 2025, or around 400% gains, which began as whale outflows slowed and eventually flipped to net inflows.

XRP price technical breakout targets $3.45

XRP price technicals show it breaking out of a multimonth falling wedge pattern on the 3-day chart, typically viewed as a bullish reversal setup.

The wedge, formed between December 2024 and early May 2025, had been compressing price action while volume declined, a classic sign of accumulation.

XRP/USD three-day price chart. Source: TradingView

The breakout occurred in early May near the $2.25 level, just above the 50-period exponential moving average (EMA), which now acts as key support. Based on the wedge’s height, the breakout projects a price target near $3.45, around 40% above current levels.

Related: Can XRP price reach $4 in May? Analysts are watching these key levels

XRP’s relative strength index (RSI) also supports the bullish case, bouncing back above 57 and showing renewed buying momentum.

The move may not be a straight shot to the target, however. Analyst Mags highlights a key resistance near $2.80 that could temporarily cap XRP’s upside.

Source: X/Mags

In the near term, XRP may consolidate above its 50-day EMA, particularly as whale inflows often signal the start of an accumulation phase before a stronger price breakout.

“The pace of outflows is slowing, and the bars are curling upward,” wrote Kripto Mavsimi, an analyst associated with CryptoQuant, adding:

“It’s not full reversal yet — but it’s the first real sign of stabilization in months.”

Such a base-building period would be a healthy development if consistent with how previous whale-driven rallies have unfolded.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin defied expectations in April, delivering double-digit gains while posting lower volatility than major traditional assets.

According to analysts at Galaxy Digital, Bitcoin’s (BTC) realized volatility over the past 10 trading sessions dropped to 43.86, lower than the S&P 500’s 47.29 and the Nasdaq 100’s 51.26 — an unusual “positioning for a digital asset traditionally known for its outsized volatility.”

The data point comes against a backdrop of renewed financial turbulence. Since US President Donald Trump’s Liberation Day tariff announcement on April 2, traditional markets have wobbled.

The Nasdaq Composite is flat, the Bloomberg Dollar Index fell nearly 4%, and even gold (typically a safe haven) briefly hit $3,500 per ounce before pulling back to a 5.75% gain, Galaxy Digital analysts wrote in a May 12 note.

However, they noted that Bitcoin surged 11% over the same period, reinforcing its evolving role as a macro hedge amid geopolitical and fiscal uncertainty.

The Nasdaq Composite Index has been in the red over the past six months. Source: Nasdaq

Related: Bitcoin illiquid supply hits 14M BTC as hodlers set bull market record

Bitcoin’s correlation with major indexes declines

The analysts noted that Bitcoin still maintains elevated 30-day correlations with major indexes, around 0.62 with the S&P and 0.64 with the Nasdaq. However, its beta has declined, signaling that investors may be treating it less as a high-risk asset and more as a long-term allocation.

“Bitcoin as a non-sovereign asset means an investor doesn’t need the full faith or tax basis of a nation to support the integrity of the asset,” said Chris Rhine, head of liquid active strategies at Galaxy.

Galaxy said that the recent investor behavior mirrors what was observed during the 2018–2019 US-China trade tensions when Bitcoin rallied amid rising global uncertainty.

Hank Huang, CEO of Kronos Research, told Cointelegraph that surging ETF inflows and Strategy’s ongoing Bitcoin purchases are helping reshape Bitcoin into a digital version of gold, less tied to equities.

“As institutions deepen liquidity, volatility drops, making Bitcoin a cornerstone for portfolios,” Huang added.

Institutions view Bitcoin as hedge

Meanwhile, Galaxy’s OTC trading desk said the market posture is “tactically cautious but structurally constructive,” marked by disciplined leverage and low hedging stress.

With 95% of Bitcoin’s total supply already mined and growing interest from institutions, ETFs and even governments, Bitcoin is increasingly being viewed as a digital store of value.

“Bitcoin’s supply and demand dynamics are solidifying its place as a mature digital store of value,” said Ian Kolman, co-portfolio manager at Galaxy.

On April 25, Jay Jacobs, BlackRock’s head of thematics and active ETFs, said there has been a long-term trend in which countries have been reducing their reliance on dollar-based reserves in favor of assets like gold and, increasingly, Bitcoin.

He noted that geopolitical fragmentation is fueling demand for uncorrelated assets, with Bitcoin increasingly viewed alongside gold as a safe-haven asset.

Magazine: Bitcoin eyes’ crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10

Solana Labs co-founder Anatoly Yakovenko proposed a new data availability (DA) solution to improve persistent fragmentation and lack of interoperability across blockchain networks.

In a May 12 post on X, Yakovenko proposed a “meta blockchain” to aggregate and order data posted across multiple layer-1 chains, including Ethereum, Celestia and Solana.

“This would actually allow the meta chain to use the cheapest currently available DA offer,” Yakovenko said.

Data availability layers are third-party solutions ensuring that blockchains have the necessary data to validate transactions.

Source: Anatoly Yakovenko

Blockchain interoperability is one of the most pressing issues for Web3 developers, since today’s siloed layer-1 (L1) blockchain networks have no means of communicating or exchanging data, creating a need for crosschain interoperability solutions like DA layers.

Other leading blockchains are also focused on improving DA solutions. Ethereum’s upcoming Fusaka upgrade, expected in late 2025, will focus on scaling the Ethereum mainnet’s capacity as a DA layer by introducing EIP-7594.

Ethereum data capacity upgrades. Source: Binance Research

This upgrade may boost Ethereum’s value accrual, depending on whether existing layer-2 blockchains continue choosing Ethereum for data availability in the future, a Binance Research spokesperson told Cointelegraph.

Related: Nasdaq-listed GDC plans to buy Bitcoin and TRUMP memecoin for $300M

Making data availability cheap makes “everything else cheap”

Creating cheaper DA solutions is essential to reduce the costs associated with blockchain-based transactions, Yakovenko said in a response to his initial post, adding:

“Making data availability cheap allows for making everything else cheap. Bandwidth is the irreducible bottleneck.”

He also suggested that a more advanced solution could eliminate external sequencers by using a rule-based system to merge transactions across chains, allowing users to send transactions “anywhere.”

Related: Bunq, Europe’s second-largest neobank, expands into crypto

Other prominent blockchain industry leaders have also called for more interoperability and collaborative tokenomics among the leading blockchains.

Speaking at Paris Blockchain Week 2025, Cardano founder Charles Hoskinson emphasized the need for collaborative economics in the crypto industry to counter growing competition from traditional tech firms entering the blockchain space.

Charles Hoskinson. Source: Cointelegraph

“The problem right now, with the way we’ve done things in the cryptocurrency space, is the tokenomics and the market structure are intrinsically adversarial. It’s sum 0,” said Hoskinson. “Instead of picking a fight, what you have to do is you have to find tokenomics and market structure that allows you to be in a cooperative equilibrium.”

Aiming to align blockchain network incentives, Cardano has been working on “Minotaur,” a multi-resource consensus protocol that combines multiple consensus mechanisms and networks to pay a unified block reward to multiple networks at the same time.

Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest

Solana Labs co-founder Anatoly Yakovenko proposed a new data availability solution aimed at tackling persistent fragmentation and lack of interoperability across blockchain networks.

In a May 12 post on X, Yakovenko proposed a “meta blockchain,” that could aggregate and order data posted across multiple layer-1 chains, including Ethereum, Celestia and Solana.

“This would actually allow the meta chain to use cheapest currently available DA offer,” Yakovenko said.

Data availability (DA) layers are third-party solutions ensuring that blockchains have the necessary data to validate transactions.

Source: Anatoly Yakovenko

Blockchain interoperability is one of the most pressing issues for Web3 developers, since today’s siloed layer-1 (L1) blockchain networks have no means of communicating or exchanging data with each other, creating a need for crosschain interoperability solutions like DA layers.

Other leading blockchains are also focused on improving DA solutions. Ethereum’s upcoming Fusaka upgrade, expected in late 2025, will focus on scaling the Ethereum mainnet’s capacity as a DA layer by introducing EIP-7594.

Ethereum data capacity upgrades. Source: Binance Research

This upgrade may boost Ethereum’s value accrual, depending on whether existing Layer-2 blockchains continue choosing Ethereum for data availability in the future, a Binance Research spokesperson told Cointelegraph.

Related: Nasdaq-listed GDC plans to buy Bitcoin and TRUMP memecoin for $300M

Making data availability cheap makes “everything else cheap”

Creating cheaper DA solutions is essential to reduce the costs associated with blockchain-based transactions, Yakovenko said in a response to his initial post, adding:

“Making data availability cheap allows for making everything else cheap. Bandwidth is the irreducible bottleneck.”

He also suggested that a more advanced solution could eliminate external sequencers by using a rule-based system to merge transactions across chains, allowing users to send transactions “anywhere.”

Related: Bunq, Europe’s second-largest neobank, expands into crypto

Other prominent blockchain industry leaders have also called for more interoperability and collaborative tokenomics among the leading blockchains.

Speaking at Paris Blockchain Week 2025, Cardano founder Charles Hoskinson emphasized the need for collaborative economics in the crypto industry to counter growing competition from traditional tech firms entering the blockchain space.

Charles Hoskinson. Source: Cointelegraph

“The problem right now, with the way we’ve done things in the cryptocurrency space, is the tokenomics and the market structure are intrinsically adversarial. It’s sum 0,” said Hoskinson. “Instead of picking a fight, what you have to do is you have to find tokenomics and market structure that allows you to be in a cooperative equilibrium.”

Aiming to align blockchain network incentives, Cardano has been working on “Minotaur,” a multi-resource consensus protocol that combines multiple consensus mechanisms and networks to pay a unified block reward to multiple networks at the same time.

Magazine: Charles Hoskinson, Cardano and Ethereum – for the record

Dubai, UAE – May 2025 — TheBlock., the International Chamber of Virtual Assets, has announced a strategic partnership with Cointelegraph, the world’s leading Web3 media platform. The collaboration brings together two major players in the blockchain and virtual asset space, with the shared goal of amplifying the global adoption of tokenisation, advancing regulatory dialogue, and supporting builders entering the MENA region.

The agreement, signed during Token2049 Dubai, highlights Cointelegraph’s growing collaboration with key players in the UAE. This new partnership will foster deeper collaboration and mutual support across TheBlock’s ecosystem.

As part of the collaboration, Cointelegraph will set up a presence at TheBlock’s headquarters in Dubai World Trade Center, offering opportunities for engagement with founders, partners, and clients within the ecosystem. The partnership also includes joint participation in educational panels, roundtables, and summits focused on real-world assets (RWAs), compliance, and capital allocation.

“This partnership is not just about media,” said Farbod Sadeghian, Founder of TheBlock. “It is about building an access layer for the global virtual asset economy. By working with Cointelegraph, we are strengthening how the industry connects, informs, and grows — from regulatory frameworks to investment pipelines.”

Cointelegraph will engage with TheBlock’s ecosystem through media coverage, speaker participation, and collaborative events. The partnership reflects ongoing efforts to support the growth of Dubai’s virtual asset sector, where regulatory developments and real-world applications continue to evolve.“The partnership reflects Cointelegraph’s ongoing efforts to broaden its network of like-minded collaborators, all working toward the shared goal of strengthening and advancing the ecosystem,” said Yana Prikhodchenko, CEO of Cointelegraph. “We aim to grow the community by leveraging this partnership while also expanding our regional presence in the UAE. This collaboration will help strengthen both efforts.”

With over 100 events planned annually, a growing portfolio of international members, and over $8 billion in projects deal flow, TheBlock. continues to serve as a launchpad for startups, enterprises, and institutions looking to expand their presence in the region.

The partnership represents a new step in aligning media and access to foster trust, facilitate knowledge sharing, and support progress in the virtual asset space.

About TheBlock:As an international chamber of virtual assets based in Dubai, TheBlock. connects regulators, founders, investors, and institutions shaping the future of virtual assets. It provides a structured platform for dialogue, collaboration, and access across key pillars of the virtual asset economy. Through membership programs, strategic partnerships, and curated events, TheBlock. offers its members direct engagement with the people and policies driving the industry forward. With a growing global network and strong regional footprint, it supports meaningful growth and influence in the virtual asset landscape.

Website | Twitter | Instagram | Linkedin

Tether, issuer of the world’s largest stablecoin, USDt, is rolling out its tokenized gold digital asset in Thailand with a listing on local cryptocurrency exchange Maxbit.

In a May 13 announcement, Tether said its gold-backed token, Tether Gold (XAUt), has been listed on Thai exchange Maxbit.

According to an X announcement by Maxbit, the platform is the first in Thailand to offer a “tokenized gold pair backed by physical gold.”

Launched in January 2020, Tether Gold is a gold-backed digital asset with a market cap of $802 million, with each XAUt representing ownership of one troy ounce of gold.

Thailand greenlighted stablecoins like Tether USDt in March

Tether Gold’s entrance in the Thai cryptocurrency market follows other notable stablecoin-related regulatory developments in the country.

In March, the Thai Securities and Exchange Commission approved US dollar-backed stablecoins such as Tether’s USDt (USDT) and Circle’s USDC (USDC) for cryptocurrency trades, allowing the stablecoins to be listed on regulated exchanges across Thailand.

Major Maxbit shareholders. Source: Thai SEC

Launched in October 2023, Maxbit is a licensed digital asset exchange based in Thailand, operating under the oversight of the Thai SEC.

According to official SEC records, Thai energy conglomerate PTG Energy is the largest shareholder of Maxbit, with a 35% stake in the firm. Other Maxbit backers include two local private firms, Spearhead Labs and Unit Company, holding 29% and 28.7% in the digital asset business.

This is a developing story, and further information will be added as it becomes available.

Magazine: Finally blast into space with Justin Sun, Vietnam’s new national blockchain: Asia Express

GD Culture Group (GDC), a Nasdaq-listed holding company focused on livestreaming, e-commerce and artificial intelligence-powered digital human technology, plans to raise up to $300 million for a cryptocurrency treasury reserve.

In a May 12 statement, GDC and its subsidiary, AI Catalysis, announced entering into a common stock purchase agreement with a British Virgin Islands limited liability company to sell up to $300 million of its common stock.

The proceeds from the stock sale will be used to fund the firm’s crypto treasury, which will include purchases of Bitcoin (BTC) and the Official Trump (TRUMP) token.

“Under this initiative, and subject to certain limitations, GDC intends to allocate a significant portion of the proceeds from any share sales under the facility to the acquisition, long-term holding, and integration of crypto assets into its core treasury operations,” the company said in the announcement. 

GDC described the strategy as a move to align with the broader “decentralization transformation.”

GDC stock price, 1-year chart. Source: Nasdaq

Founded in 2016, GDC is a micro-cap company with a current $34 million market capitalization, according to Nasdaq data.

Related: Multi-wallet usage up 16%, but AI may address crypto fragmentation gap

GDC’s chairman and CEO, Xiaojian Wang, said the initiative builds on the company’s strengths in digital technologies and positions it for a blockchain-powered industrial shift.“GDC’s adoption of crypto assets as treasury reserve holdings is a deliberate strategy that reflects both current industry trends and our unique strengths in digital technologies and the livestreaming e-commerce ecosystem,” Wang said.

The stock offering was announced over a month after the firm received a noncompliance warning from Nasdaq related to its stockholders’ equity. The notice indicated that the firm reported stockholders’ equity of only $2,643, well below the minimum requirement of $2.5 million.

The firm was given until May 4 to submit a plan to comply with the listing requirements. If accepted by Nasdaq, the compliance plan will allow up to 180 days from the notification period to comply with the requirements.

The Nevada-based company joins a small but growing group of public firms that are allocating part of their balance sheets to crypto assets.

Related: Crypto speculation dominates $600B cross-border payments: BIS report

Trump token dinner planned for top holders

GDC’s announcement coincides with an upcoming high-profile event tied to the Trump token project. The 25 largest holders of TRUMP tokens are set to attend a private dinner at the White House on May 22.

However, the TRUMP memecoin project said in a May 12 X post that it has stopped considering additional purchases for the dinner and that the attendees had been notified to apply for background checks.

According to data provided on the project’s leaderboard, the top 220 wallets held more than 13.7 million tokens as of May 12, worth about $174 million at the time of publication.

Top 10 TRUMP memecoin holders as of May 12. Source: TRUMP memecoin project

Some US lawmakers have criticized the dinner. Republican Senator Cynthia Lummis reportedly said that the idea of the US president offering exclusive access for people willing to pay “gives [her] pause.”

Crypto regulation experts also fear that the Trump family’s crypto endeavors may trigger more regulatory scrutiny by the US Securities and Exchange Commission, as politically affiliated memecoins introduce a new challenge for crypto legislation.

Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express

GD Culture Group (GDC), a Nasdaq-listed holding company focused on livestreaming, e-commerce and artificial intelligence-powered digital human technology, plans to raise up to $300 million for a cryptocurrency treasury reserve.

In a May 12 statement, GDC and its subsidiary, AI Catalysis Corp., announced entering into a common stock purchase agreement with a British Virgin Islands limited liability company to sell up to $300 million of its common stock.

The proceeds from the stock sale will be used to fund the firm’s crypto treasury, which will include purchases of Bitcoin (BTC) and the Official Trump (TRUMP) token.

“Under this initiative, and subject to certain limitations, GDC intends to allocate a significant portion of the proceeds from any share sales under the facility to the acquisition, long-term holding, and integration of crypto assets into its core treasury operations,” the company said in the announcement. 

GDC described the strategy as a move to align with the broader “decentralization transformation.”

GDC stock price, 1-year chart. Source: Nasdaq

Founded in 2016, GDC is a micro-cap company with a current $34 million market capitalization, according to Nasdaq data.

Related: Multi-wallet usage up 16%, but AI may address crypto fragmentation gap

GDC’s chairman and CEO, Xiaojian Wang, said the initiative builds on the company’s strengths in digital technologies and positions it for a blockchain-powered industrial shift.“GDC’s adoption of crypto assets as treasury reserve holdings is a deliberate strategy that reflects both current industry trends and our unique strengths in digital technologies and the livestreaming e-commerce ecosystem,” Wang said.

The stock offering was announced over a month after the firm received a noncompliance warning from Nasdaq related to its stockholders’ equity. The notice indicated that the firm reported stockholders’ equity of only $2,643, well below the minimum requirement of $2.5 million.

The firm was given until May 4 to submit a plan to comply with the listing requirements. If accepted by the Nasdaq, the compliance plan will allow the firm up to 180 days from the notification period to comply with the requirements.

The Nevada-based company joins a small but growing group of public firms that are allocating part of their balance sheets to crypto assets.

Related: Crypto speculation dominates $600B cross-border payments: BIS report

Trump token dinner planned for top holders

GDC’s announcement coincides with an upcoming high-profile event tied to the Trump token project. The 25 largest holders of TRUMP tokens are set to attend a private dinner at the White House on May 22.

However, the TRUMP memecoin project said in a May 12 X post that it has stopped considering additional purchases for the dinner and that the attendees had been notified to apply for background checks.

According to data provided on the project’s leaderboard, the top 220 wallets held more than 13.7 million tokens as of May 12, worth roughly $174 million at the time of publication.

Top 10 TRUMP memecoin holders as of May 12. Source: TRUMP memecoin project

Some US lawmakers have criticized the dinner. Senator Cynthia Lummis reportedly said that the idea of the US President offering exclusive access for people willing to pay for it “gives [her] pause.”

Crypto regulation experts also fear that the Trump family’s crypto endeavors may trigger more regulatory scrutiny by the US Securities and Exchange Commission, as politically affiliated memecoins introduce a new challenge for crypto legislation.

Magazine: Uni students crypto ‘grooming’ scandal, 67K scammed by fake women: Asia Express

Arizona Governor Katie Hobbs vetoed two key cryptocurrency-related bills that aimed to expand the state’s involvement in digital assets while signing a strict regulatory measure targeting Bitcoin ATMs.

On May 12, Hobbs rejected Senate Bill 1373, which sought to establish a Digital Assets Strategic Reserve Fund. The fund would have allowed Arizona to hold crypto assets obtained through seizures or legislative allocations.

“Current volatility in cryptocurrency markets does not make a prudent fit for general fund dollars,” she stated in her veto letter. “I have already signed legislation this session which allows the state to utilize cryptocurrency without placing general fund dollars at risk,” she added.

That decision followed her veto of Senate Bill 1025 — the more ambitious “Arizona Strategic Bitcoin Reserve Act” — on May 3. It would have authorized up to 10% of the state’s treasury and retirement funds to be invested in Bitcoin and other digital assets.

According to data from bitcoinlaws.io, 26 US states have introduced strategic crypto reserve bills, with 18 of them currently active.

Hobbs also vetoed Senate Bill 1024, which would have permitted state agencies to accept cryptocurrency payments for taxes, fines and fees via approved service providers.

Although the proposal attempted to shield the state from direct exposure to price volatility, Hobbs said it still introduced “too much risk.”

Source: State of Arizona, Office of the Governor

Related: Taiwan lawmaker calls for Bitcoin reserve at national conference

Hobbs approves Bitcoin ATM bill

On May 12, Hobbs approved House Bill 2387, which introduces new consumer protection rules for cryptocurrency kiosk (ATM) operators, aiming to reduce fraud and improve transparency.

The bill mandates that kiosks display clear, multilingual warnings about common crypto scams and require users to acknowledge these risks before completing transactions. Operators must also provide detailed receipts that include transaction data, contact information, fees and refund policies.

Furthermore, the bill caps transactions at $2,000 per day for new customers and $10,500 per day for returning users after 10 days. Kiosk providers must also offer 24/7 toll-free customer service and post the number visibly on each machine.

Under the bill, if a new user is tricked into sending crypto under false pretenses and reports it with proof within 30 days, they are entitled to a full refund, including fees.

According to CoinATMRadar, there are currently 20 active Bitcoin ATMs in Arizona.

Notably, Hobbs has not entirely closed the door on digital assets. On Wednesday, she signed House Bill 2749, which updates Arizona’s unclaimed property laws to include digital assets.

The legislation allows the state to retain unclaimed cryptocurrencies in their original form rather than liquidating them into fiat currency.

Magazine: Bitcoin eyes ‘crazy numbers,’ JD Vance set for Bitcoin talk: Hodler’s Digest, May 4 – 10