Minnesota has banned cryptocurrency ATMs after residents lost roughly $1 million to scams involving the machines between 2023 and 2025. The losses disproportionately hit senior citizens, prompting state officials to pull the plug on the kiosks.
The scam pattern
From 2023 through 2025, Minnesota residents reported about $1 million in losses tied to crypto kiosks. The victims were largely senior citizens. Scammers often used the machines to pressure elderly targets into depositing cash, then quickly moved the funds. The losses mounted over three years before regulators stepped in.
The state's response
The crypto ATM ban went into effect following those reported losses. The move effectively removes the machines from convenience stores, gas stations, and other locations across the state. Minnesota is one of the first states to enact such a broad prohibition aimed specifically at kiosk-based crypto fraud.
The ban is now in effect across Minnesota.
