Minnesota Bids Farewell to Crypto ATMs Amid $1M in Reported Losses

Minnesota has banned crypto ATMs after residents lost about $1 million to scams tied to these kiosks from 2023 to 2025. The law, which was signed by Governor Tim Walz on May 5, prohibits companies from installing or operating virtual currency kiosks in the state. Those with machines already installed must deactivate them by August 1, but have until December 31 to physically remove them from locations visible or accessible to the public.

The commerce department reported that Minnesota residents had lost about $1 million from scams tied to crypto ATMs during this period, with the FBI's Internet Crime Complaint Center reporting over $151 million in losses tied to digital assets or crypto wallets in 2025. Officials said these schemes often target seniors and involve situations where victims are pressured to quickly send money based on fake emergencies.

The ban is part of a broader effort by US states to address fraudulent activity surrounding cryptocurrency ATMs. Other measures include Tennessee's total ban on the machines, which went into effect on July 1, as well as laws in Georgia and other states that restrict their use or impose limits on transactions.