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Ill. (WAND) – Illinois consumers have received over $750,000 in refunds under the state’s cryptocurrency regulations. Digital asset kiosk operators were required to provide financial relief to victims of cryptocurrency scams and fraud
The Pritzker administration announced Monday that crypto companies have received over 450 refund requests from Illinois customers since August 2025. Those companies have granted refunds totaling $750,206.61, with an average refund of $1,656.
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The Digital Asset Kiosks Act created new requirements for operators, including reporting of kiosk locations and consumer protections to address fraud and scams.
“Illinois has put stronger consumer protections in place, and we’re seeing results,” said Sen. Laura Ellman (D-Naperville). ”People are getting money back, and operators are being held accountable. We will not let scams go unanswered.”
This law established a transaction fee cap of 18% at crypto kiosks and limited daily transaction amounts for new customers to $2,500.Sponsors stressed that portion of the law provides additional protection for consumers who may be unfamiliar with digital asset kiosks and risks associated with crypto transactions.
Republicans opposed the law, believing Illinois should follow regulations created by other states.
“Coinbase is, as far as I know, still in opposition to this bill,” said Sen. Steve McClure (R-Springfield). “As far as this moment, are they the only opponent, and are they still opposed?”
Democrats said Coinbase is a great actor in the cryptocurrency industry, but the company was always going to oppose regulations at the state level.
People who believe they may have been a victim of a scam involving a crypto kiosk can request a refund by reporting fraud to the operator within 30 days of the transaction. They also need to provide a police report to the operator within 60 days.
The Illinois Department of Financial and Professional Regulation encourages consumers to report any crypto scams to the department by filing a complaint on the IDFPR website. People can also learn more information about cryptocurrency and state regulation by clicking here.
“When we put meaningful protections in place, we expect those protections to make a difference in the lives of Illinoisans,” said IDFPR Secretary Mario Treto Jr. “More than $750,000 returned to consumers is a clear indication that the Digital Asset Kiosks Act is doing exactly what it was intended to do. IDFPR will continue its efforts to demonstrate that innovation and consumer protection can, and should, go hand in hand.”
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Source: www.wandtv.com