Key facts
- Minnesota's ban on virtual currency kiosks took effect on August 1.
- The law prohibits the operation of crypto ATMs in the state.
- Residents lost approximately $1 million to scams linked to crypto kiosks between 2023 and 2025.
- The scams disproportionately targeted senior citizens.
- Companies must remove existing machines by December 31.
A new law in Minnesota prohibiting virtual currency kiosks officially went into effect on Saturday, August 1. This measure follows reports that Minnesota residents, particularly senior citizens, lost approximately $1 million to scams involving these crypto ATMs between 2023 and 2025. The ban, signed by Governor Tim Walz in May, requires all crypto ATM operators to deactivate existing machines by August 1 and physically remove them from public view by December 31.
According to state officials, the fraudulent schemes often involved pressuring victims into quickly sending money based on fabricated emergencies. The FBI's Internet Crime Complaint Center also noted that Minnesota experienced over $151 million in losses tied to cryptocurrency or crypto wallets in 2025. This legislative action aligns with a broader trend of states implementing measures to combat fraudulent activity associated with cryptocurrency kiosks. Tennessee began enforcing a similar ban on July 1, while Georgia enacted a law with transaction limits and other restrictions on the same day. Lawmakers in Delaware and New Jersey have also advanced bills proposing comparable regulations.
Data from CoinATMRadar indicated that there were 201 crypto ATMs and kiosks operating within Minnesota prior to the statewide ban's implementation.