VERIFIEDBy Xavier Rivera· ·1 min read
Tennessee Crypto Kiosk Ban Takes Effect July 1
Tennessee bans crypto ATMs and kiosks effective July 1 under a new law signed by Governor Bill Lee. The measure targets scams linked to the machines, which number over 570 in the state and have cost victims $389 million per FBI data.
Source:CoinTelegraph
TL;DRAI · 60 sec read
Tennessee Governor Bill Lee signs House Bill 2505 into law on April 13, banning cryptocurrency ATMs and kiosks starting July 1. Operators and businesses hosting the machines face Class A misdemeanor charges, with penalties up to 11 months and 29 days in prison and a $2,500 fine.
CoinATMRadar data shows more than 570 crypto kiosks operating in the state as of Monday, run by companies including Bitcoin Depot and CoinFlip. Bitcoin Depot's Nasdaq-traded shares close down 6.9% that day, per Yahoo Finance. Cointelegraph contacts Bitcoin Depot for comment but receives no immediate response.
Tennessee House Speaker Cameron Sexton, who sponsors the bill, states: “Virtual currency kiosks have become a gateway for scammers to exploit Tennesseans, especially our seniors, with little hope of recovering their money once it’s gone.”
The FBI reports Americans lose $11 billion to crypto scams in 2025, with over 13,000 complaints tied to crypto ATMs and kiosks resulting in more than $389 million in losses. Similar actions occur elsewhere: a Massachusetts town bans the machines this month, and Minnesota’s State Senate advances a statewide ban.
CoinATMRadar data shows more than 570 crypto kiosks operating in the state as of Monday, run by companies including Bitcoin Depot and CoinFlip. Bitcoin Depot's Nasdaq-traded shares close down 6.9% that day, per Yahoo Finance. Cointelegraph contacts Bitcoin Depot for comment but receives no immediate response.
Tennessee House Speaker Cameron Sexton, who sponsors the bill, states: “Virtual currency kiosks have become a gateway for scammers to exploit Tennesseans, especially our seniors, with little hope of recovering their money once it’s gone.”
The FBI reports Americans lose $11 billion to crypto scams in 2025, with over 13,000 complaints tied to crypto ATMs and kiosks resulting in more than $389 million in losses. Similar actions occur elsewhere: a Massachusetts town bans the machines this month, and Minnesota’s State Senate advances a statewide ban.
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