Minnesota Considers Total Ban on Cryptocurrency ATMs Amid Elderly Scam Concerns

Minnesota lawmakers are weighing a total ban on cryptocurrency ATMs in response to growing concerns over scams targeting the elderly.

The proposed legislation, introduced by Rep. Erin Koegel, would effectively ban all physical machines in the state that allow users to purchase cryptocurrencies using cash. This move follows a previous regulatory framework passed in 2024, which imposed a $2,000 daily transaction limit for new customers, refund requirements, and a licensing framework for operators.

According to Coin ATM Radar, there are around 430 crypto ATMs in Minnesota, clustered mostly around the state's most populous city, Minneapolis. Across the country last year, victims reported $333 million in losses tied to crypto ATMs, according to the FBI.