Minnesota Shuts Down Crypto ATMs Amid $1M Scam Losses
A new law in Minnesota prohibits virtual currency kiosks, effective August 1. The ban follows reports of $1 million in losses tied to crypto scams targeting senior citizens from 2023 to 2025.
The measure requires existing operators to deactivate their machines by Saturday and physically remove them by December 31. This is part of a broader effort by US states to combat fraudulent activity related to digital assets.
According to the state's commerce department, residents lost over $1 million in crypto scams from 2023 to 2025. The FBI reported even higher losses for Minnesota in 2025, with more than $151 million tied to digital assets or crypto wallets.
The ban on virtual currency kiosks is not an isolated measure; other states like Tennessee and Georgia have also introduced similar restrictions. Delaware and New Jersey lawmakers are considering bills proposing similar measures.