Minnesota Proposes Bill to Ban Crypto ATMs Amid Elder Fraud Cases

KuCoinFlash

Release Time: 02/27/2026 10:46:59

Summary

Minnesota Representative Erin Koegel has introduced Bill HF 3642 to phase out cryptocurrency ATMs in the state, following an increase in elder fraud cases linked to these machines. Minnesota currently has approximately 350 kiosks, with $540,000 in losses from 70 complaints last year. The bill would repeal the 2024 regulatory framework. The State Commerce Department supports the measure, which also aligns with CFT efforts to prevent the illicit use of cryptocurrency.

Odaily Planet Daily report: Recently, Minnesota Democratic-Farmer-Labor Party representative Erin Koegel introduced Bill HF 3642, aiming to ban the placement and operation of cryptocurrency ATMs across the state. The proposal stems from multiple fraud cases reported by local law enforcement targeting elderly individuals, some of whom have suffered severe financial hardship. The Minnesota Department of Commerce has expressed "strong support" for the bill and plans to introduce broader consumer protection proposals in the coming days.

According to reports, Minnesota currently has approximately 350 cryptocurrency ATMs operated by 8 to 10 companies. Last year, the state received 70 related complaints, reporting total losses of $540,000. The bill would repeal the current regulatory framework established in 2024, including requirements for disclosure and transaction limits.

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