Minnesota Bans Crypto ATMs After Estimated $1M in Scam Losses

Minnesota has become the latest US state to ban cryptocurrency ATMs (kiosks) after Governor Tim Walz signed bill SF 3868 into law on May 5. The legislation prohibits operators from installing, operating, or maintaining these machines in the state. Existing kiosks must be deactivated by August 1, with those visible to the public removed by December 31.

The ban is a response to concerns over cryptocurrency-related scams targeting older residents, which have resulted in estimated losses of around $1 million from 2023 to 2025. Authorities noted that these scams often use false emergency situations to pressure victims into making transfers.

Minnesota's move aligns with stricter regulations elsewhere, including Tennessee's ban on cryptocurrency ATMs effective July 1 and Georgia's law implementing transaction limits and other restrictions.