Minnesota crypto ATM ban goes into effect after reported $1M losses
State officials reported that Minnesota residents, and largely senior citizens, had lost about $1 million from scams tied to crypto kiosks from 2023 to 2025.
In Minnesota, a new ban on cryptocurrency ATMs comes into effect following a reported $1 million in losses tied to scams involving these kiosks between 2023 and 2025, primarily affecting senior citizens. Governor Tim Walz signed the bill on May 5, which prohibits the installation, operation, maintenance, or availability of virtual currency kiosks within the state.
Companies with existing machines must deactivate them by the same day, but removal from public-accessible locations is due by December 31. Minnesota's Commerce Department reported the $1 million loss figure, while the FBI's Internet Crime Complaint Center noted over $151 million in losses related to digital assets or crypto wallets in the state during 2025.
Officials emphasized that these schemes often disproportionately target seniors, with victims pressured into sending money based on fabricated emergencies. Minnesota joins a growing number of US states, including Tennessee, Georgia, Delaware, and New Jersey, implementing various measures to curb fraudulent activity associated with these crypto ATMs.
As of August 1, CoinATMRadar reported 201 crypto ATMs and kiosks operating in Minnesota prior to the statewide ban.
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