Minnesota’s ban on cryptocurrency ATMs took effect Saturday after state officials said residents had reported losing nearly $1 million in scams involving the machines since 2023. Tim Walz signed legislation May 4 banning the installation of crypto ATMs, also known as kiosks, which are commonly found at gas stations and convenience stores. The ATMs were being used by criminals to disproportionately target seniors, according to state officials. More than $540,000 was lost and the average loss per transaction was nearly $6,800, according to state officials. Crypto transactions generally do not carry comparable consumer protections, though Congress is attempting to bring digital currency under more stringent federal regulation.