Minnesota Moves to Ban Bitcoin ATMs Statewide Amid Elder Fraud Surge
The post Minnesota Moves to Ban Bitcoin ATMs Statewide Amid Elder Fraud Surge appeared on BitcoinEthereumNews.com.
CrimeRegulations Minnesota lawmakers are weighing what would be one of the most sweeping crackdowns on cryptocurrency infrastructure in the country – a full statewide ban on Bitcoin ATMs, driven by a growing wave of scams targeting the state’s most vulnerable residents. Key Takeaways Minnesota is considering a statewide ban on Bitcoin ATMs under HF 3642. Lawmakers cite rising fraud, especially scams targeting seniors. Around $540,000 in losses were reported in 2025. Existing safeguards from 2024 are deemed ineffective. About 350 crypto kiosks would be shut down if the bill passes. House File 3642, introduced last week, would prohibit the placement and operation of all physical cryptocurrency kiosks across Minnesota. If passed, it would shutter roughly 350 licensed machines operated by as many as ten companies currently doing business in the state. How the Bill Got Here Rep. Erin Koegel (DFL) introduced HF 3642 on February 23, 2026, and the House Commerce Finance and Policy Committee took it up just days later on February 26. The bill was “laid over” — meaning it wasn’t voted on immediately but flagged for continued discussion — though it has drawn notable bipartisan support and a strong endorsement from the Minnesota Department of Commerce. Under the proposed timeline, operators would have a 90-day window after enactment to wind down or apply for limited exceptions. The legislation would also repeal a regulatory framework put in place just two years ago. That 2024 law established a $2,000 daily transaction cap for new customers and a 14-day refund window — measures that regulators now say have proven inadequate. Scammers, officials argue, simply adjusted their tactics to work within those guardrails. The Fraud Problem Driving the Push The case for a ban rests heavily on a troubling pattern of elder fraud. In 2025 alone, Minnesota received 70 formal complaints…
Filed under: News - @ February 27, 2026 7:30 pm