Minnesota’s ban on cryptocurrency ATMs took effect on Saturday after state officials said residents had reported nearly $1 million in losses tied to scams involving the machines since 2023. The move marks a major change in how the state is handling consumer protection concerns around crypto transactions.
Under the new policy, crypto ATMs already operating in Minnesota will not be allowed to remain in place indefinitely. State officials have said all existing machines across the state must be removed by Dec. 31, setting a firm deadline for the phaseout.
The ban follows growing concern that scammers have used cryptocurrency ATMs to pressure victims into sending money in ways that are difficult to trace or recover. Officials pointed to the reported losses as a key reason for taking action.
With the law now in effect, Minnesota is positioning itself more aggressively than states that still allow crypto kiosks to operate. The focus of the measure is on reducing fraud risk and limiting another avenue that scammers have used to target residents.
