Minnesota Bites the Dust on Crypto ATMs
Minnesota has become the latest state to ban cryptocurrency ATMs, effective August 1. The law, which was signed by Governor Tim Walz in May, requires operators to deactivate all machines by the start of August and remove them from public spaces entirely by December 31.
The move comes after a surge in complaints from residents who lost approximately $1 million to fraudulent schemes involving cryptocurrency ATMs between 2023 and 2025. In 2025 alone, there were 70 incidents resulting in losses exceeding $540,000, with an average loss of nearly $6,800 per transaction.
Regulators noted that elderly individuals were often targeted by scammers who used tactics such as fake calls from 'relatives in distress', romantic scams, or impersonating government officials to demand money transfers through the terminals.