Minnesota to Weigh Ban on Crypto Kiosks after Scam Reports
A Minnesota lawmaker introduced a bill to potentially ban cryptocurrency kiosks following numerous reports of crypto-related scams targeting residents.Summary
Minnesota Representative Erin Koegel introduced House File 3642 to address the "minimally regulated" technology of crypto kiosks after state law enforcement agencies reported that scammers frequently use these machines to trick residents into sending irreversible cryptocurrency. Koegel noted that legitimate traders typically use centralized exchanges. This proposed bill could result in a full ban on the technology, contrasting with a 2024 law that only imposed a $2,000 deposit limit for new users and mandated refunds for fraud victims. Sergeant Jake Lanz of the St. Cloud Police Department confirmed that Bitcoin ATMs are a target, particularly for the aging population. Minnesota currently has about 350 licensed crypto kiosks operated by companies like Bitcoin Depot and Coinflip. In related industry news, Bitcoin Depot recently announced a policy requiring ID verification for all transactions in response to potential misuse.
(Source：Cointelegraph)