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Minnesota bans crypto ATMs after scam surge
Fox News • • business
Key Points:
- Minnesota will ban public crypto ATMs starting August 1, 2026, requiring operators to remove machines by year's end due to their use in scams that have defrauded residents of nearly $1 million since 2023.
- Crypto ATMs enable quick cash-to-cryptocurrency transfers, which scammers exploit by pressuring victims during fake emergencies or threats, leaving little chance for victims to reverse transactions.
- Despite previous attempts to add safeguards like warnings and limits, scammers adapted by coaching victims through transactions, prompting Minnesota to take stronger action by banning these kiosks.
- The FBI reports rising national losses from crypto ATM scams, with over 13,400 complaints and $388 million lost in 2025 alone, disproportionately affecting people over 50 who scammers target by exploiting fear and urgency.
- Minnesota's ban aims to slow down scams by removing fast cash-to-crypto routes, potentially influencing other states to reconsider the presence of crypto kiosks in public spaces.
