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Minnesota crypto ATM ban takes effect after about $1M in scam losses
The state commerce department said residents lost around $1 million to scams tied to crypto kiosks from 2023 to 2025, while Minnesota reported more than $151 million in digital-asset losses in 2025 to the FBI’s Internet Crime Complaint Center.
Minnesota’s ban on crypto ATMs has taken effect, after state officials cited losses tied to scams involving virtual currency kiosks from 2023 to 2025. Cointelegraph reports the ban follows Gov. Tim Walz signing a bill on May 5 that prohibits crypto kiosk operators from installing, operating, maintaining, or making available virtual currency kiosks in the state.
Under Minnesota’s law, companies with machines already in place must deactivate them by Saturday, with additional time until Dec. 31 to physically remove devices from locations visible or accessible to the public. The state commerce department said the schemes disproportionately targeted seniors and often involved pressure to quickly send money based on fake emergencies.
Cointelegraph also notes that the FBI’s Internet Crime Complaint Center reported Minnesota had more than $151 million in losses tied to digital assets or crypto wallets in 2025. The crackdown arrives as other states have taken action, including Tennessee enforcing a total ban on crypto ATMs on July 1, and Georgia’s law taking effect the same day with transaction limits and other restrictions.
Data from CoinATMRadar cited by Cointelegraph shows there were 201 crypto ATMs and kiosks operating in Minnesota before the statewide ban began on Aug. 1. The article frames the measure as part of a broader wave of state responses to fraudulent activity involving crypto kiosks.