Minnesota Shuts Down Crypto Kiosk Scam Pipeline with New Law

A new Minnesota law aims to shut down what state investigators call a major scam pipeline involving crypto kiosks. The law, which goes into effect on August 1, bans the operation of crypto kiosks in the state. Over a two-year period, Minnesotans lost nearly $1 million through these scams.

Sister Agnes Foley of St. Paul narrowly avoided falling victim to one of these scams. A would-be scammer told her to pay for computer repairs by visiting a crypto kiosk. Fortunately, she sensed something was off and declined the offer.

The Minnesota Department of Commerce Assistant Commissioner of enforcement Sara Payne explains that cryptocurrency scams happen quickly, with victims almost instantly losing their money. 'Once it leaves, not just Minnesota but the United States, it's very challenging for law enforcement to get the money back,' she says.