Minnesota's cryptocurrency ATM ban takes effect August 1

Odaily News: A new Minnesota state law banning cryptocurrency ATMs will officially take effect on August 1.

Under the regulations, cryptocurrency ATMs in the state must cease operations by August 1 and be physically removed from retail locations and other venues by the end of the year. When the bill was passed, Minnesota had approximately 350 licensed cryptocurrency ATMs operated by 8 companies.

The Minnesota Department of Commerce stated that between 2023 and 2025, regulatory authorities investigated 134 complaints involving cryptocurrency ATMs, resulting in nearly $1 million in losses for residents. Law enforcement noted that funds from such transactions typically flow overseas, making them difficult to trace.

Following the ban, residents can still trade cryptocurrencies through regulated online platforms. (CBS News)