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.A Minnesota law prohibiting virtual currency kiosks in the US state took effect on Saturday following the signing of a sign by Governor Tim Walz in May. According to the law, SF 3868, which Walz signed on May 5, all crypto ATM operators in Minnesota are prohibited from “installing, operating, maintaining, or making available” virtual currency kiosks. Companies with machines already installed must deactivate them by Saturday, but have until Dec. 31 to physically remove them from locations “visible or accessible to the public.”Minnesota’s commerce department reported residents had lost about $1 million from scams tied to crypto ATMs from 2023 to 2025, with the FBI’s Internet Crime Complaint Center reporting the state had more than $151 million in losses tied to crypto or crypto wallets in 2025. Officials said that the schemes “disproportionately targets seniors” and often involved situations where victims were pressured to quickly send money based on fake emergencies.The ban on kiosks allowing users to purchase Bitcoin (BTC) and ...