A new Minnesota state law banning cryptocurrency ATMs is set to take effect on Aug. 1. Under the measure, crypto ATMs in the state must stop operating by Aug. 1 and be physically removed from stores and other locations by the end of the year. When the bill was passed, Minnesota had about 350 licensed crypto ATMs run by eight companies. The Minnesota Department of Commerce said regulators investigated 134 complaints tied to crypto ATMs between 2023 and 2025, with residents losing nearly $1 million. Law enforcement said funds sent through these transactions often end up overseas, making them difficult to trace. Even after the ban takes effect, residents will still be able to trade cryptocurrencies through regulated online platforms, according to CBS News.
Minnesota’s new state law banning cryptocurrency ATMs is scheduled to take effect on Aug. 1. Under the law, crypto ATMs in the state must stop operating before Aug. 1 and be physically removed from stores and other locations by the end of the year.
When the bill was passed, Minnesota had about 350 licensed crypto ATMs operated by eight companies.
The Minnesota Department of Commerce said regulators investigated 134 complaints involving crypto ATMs between 2023 and 2025. Residents lost nearly $1 million as a result. Law enforcement said funds sent through these transactions often flow overseas, which makes them harder to trace.
After the ban takes effect, residents will still be able to trade cryptocurrencies through regulated online platforms.
The report was cited from CBS News.
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