State officials cite $1 million in losses from crypto kiosk fraud targeting seniors as a new law takes effect.
Minnesota’s ban on virtual currency kiosks took effect Saturday, following reports of $1 million in losses from scams tied to crypto ATMs between 2023 and 2025. The law, signed by Governor Tim Walz in May, prohibits operators from installing or maintaining the machines statewide.
State data shows seniors were disproportionately affected, with fraudsters pressuring victims into quick transactions under false pretenses. The FBI’s Internet Crime Complaint Center recorded over $151 million in crypto-related losses for Minnesota in 2025 alone.
Existing operators must deactivate machines immediately but have until December 31 to remove them from public view. The move mirrors actions in other states, including Tennessee and Georgia, as regulators address rising crypto fraud.