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03/18/2025
Stillwater, MN to ban crytop ATMS
ATM Marketplace
Stillwater, Minnesota is currently aiming at banning cryptocurrency ATMs, following a spree of fraud cases. There have been $213,000 in losses from 31 crypto scams since 2023 in the city, according to a report by Twin Cities.com.
Mayor Ted Kozlowski said that these scams, "make it far too easy to prey on people and it's impossible to trace if we need to recover funds."
Although these ATMs have warnings of scams, the warnings seem to not be working. As a result, the city is moving toward banning crypto ATMs.
Police Chief Brian Mueller said that due to the high amount of fraud, he sees no reason to have the machines in the city.
Other areas are also regulating cryptocurrency ATMs. For example,Nebraska signed a crypto ATM law limiting the daily transaction limits on crypto ATMs and requiring a full refund in the event of fraud.
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