Minnesota Considers Ban on Cryptocurrency Kiosks Amid Scam Concerns

Minnesota lawmakers are considering a proposal to ban cryptocurrency kiosks, also known as Bitcoin ATMs, amid growing concerns over financial scams linked to these machines.

The proposal was introduced by DFL Rep. Erin Koegel, co-chair of the Minnesota House Commerce Finance and Policy Committee, in an effort to curb the use of crypto kiosks, which have been exploited by scammers to target vulnerable residents.

Law enforcement officials have expressed concerns that these machines are being used as a means to steal money from unsuspecting individuals, particularly older residents who may be more easily manipulated into transferring large sums. Once funds are deposited into a crypto ATM, they can be rapidly transferred and routed overseas, making recovery difficult.