Minnesota Shuts Down Crypto ATMs Amid Rising Resident Losses

The state of Minnesota has implemented a ban on cryptocurrency ATMs, effective immediately. This move requires approximately 350 licensed machines operated by eight companies to be shut down and physically removed from retail stores and other sites by December 31.

The decision was made after regulators received 134 complaints between 2023 and 2025, resulting in nearly $1 million in resident losses, with funds largely sent overseas. This has led the state to prioritize consumer protection over the expansion of cryptocurrency access.

The ban on crypto ATMs may set a precedent for other states considering similar restrictions, as regulators continue to scrutinize the industry's use in money laundering and scams.