Minnesota bans crypto ATMs after $1M losses
- Minnesota banned cryptocurrency ATMs from 1 August after residents reported about US$1 million in related scam losses.
- Operators must stop making kiosks available and remove publicly accessible machines by 31 December 2026.
- State officials said the measure targets scams that disproportionately affect seniors and involve difficult-to-recover cryptocurrency transfers.
Minnesota banned cryptocurrency ATMs from 1 August after residents reported about US$1 million in kiosk-related scam losses from 2023 to 2025.
The ban follows earlier state restrictions, while Minnesota recorded 134 crypto kiosk scam complaints during the three-year period.
“When people believe a loved one is in danger or they are facing a serious threat, they act quickly,” Commerce Commissioner Grace Arnold said.
Operators must remove publicly visible or accessible kiosks by 31 December 2026, while qualifying customer balances must also be paid out.
Minnesota recorded more than US$151 million in broader digital asset or crypto wallet losses during 2025, according to FBI data.
Crypto kiosks let users convert cash into digital assets such as Bitcoin (CRYPTO), with completed transfers generally difficult to reverse.
Minnesota's law prohibits installing, operating, maintaining or making virtual currency kiosks available, following its approval by Governor Tim Walz in May.
At the time of reporting, Bitcoin price was $63,477.06.
