Minnesota Shuts Down 350 Cryptocurrency Kiosks Amid Widespread Scam Activity

Minnesota's ban on cryptocurrency kiosks has taken effect, forcing approximately 350 machines to be shut down. The state claims that scammers repeatedly used these machines to obtain nearly $1 million from residents between 2023 and 2025.

The ban was enacted after lawmakers concluded that the machines presented an unacceptable fraud risk. State officials supported the legislation due to the ease of cryptocurrency transactions, which can be completed in seconds and transferred overseas, making them difficult to reverse or trace.

Scammers often target older residents, who may be more vulnerable to these schemes. According to a 2024 FBI report, nearly 11,000 complaints involving cryptocurrency kiosks nationally resulted in over $240 million in reported losses, with most complainants being over age 60.