Minnesota Cripples Crypto ATM Industry with New Ban

Minnesota has enacted a ban on cryptocurrency ATMs, effective from August 1. This move comes after Governor Tim Walz signed the law in May. The Minnesota Department of Commerce initiated the restrictions following complaints about fraudulent schemes involving these machines.

The department reported that state residents lost approximately $1 million to such scams from 2023 to 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 like fake calls from 'relatives in distress' or impersonating government officials to demand money transfers through the terminals.