Massachusetts Crypto ATM Ban
Massachusetts Senate passes bill to ban crypto ATMs after residents lose $7M to scams
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Massachusetts residents lost nearly $7 million to crypto ATM scams in just one year, according to AARP. Now, the state Senate wants to ban these machines entirely.
The Massachusetts Senate passed a ban on crypto ATM kiosks as part of a larger economic development bill, Cape Cod Times reported. The ban would let the state attorney general take civil action against anyone who operates one of these machines in Massachusetts.
What Crypto ATMs Are and Why They're Risky
Crypto ATMs are kiosks where people can buy or sell cryptocurrencies like Bitcoin using cash. They look and work a lot like regular ATMs. But scammers have turned them into a tool for fraud, Wicked Local reported.
Scammers typically tell victims to deposit cash into a crypto ATM to pay a fake debt or claim a prize. Once the cash is converted to cryptocurrency and sent, it is nearly impossible to get back. The transactions are fast, largely anonymous, and hard to trace.
Senate Votes to Ban the Machines Statewide
The Massachusetts Senate included the crypto ATM ban in its economic development bill. The legislation would give the attorney general power to pursue civil action against operators. That means the state could sue companies that run these kiosks, according to South Coast Today.
The bill targets the machines themselves, not just the scammers. Supporters say removing the kiosks cuts off a key tool fraudsters use to steal money from residents.
House and Senate Must Still Agree Before Healey Signs
The ban is not yet law. The Massachusetts House did not include the crypto ATM ban in its version of the economic development bill, Telegram reported. The two chambers now must negotiate in a conference committee to reach a shared version of the bill.
Only after both chambers agree on a final version can the bill go to Gov. Maura Healey's desk for her signature. The outcome of that negotiation will determine whether the ban moves forward.
Seniors Are the Most Common Targets of These Scams
AARP, which tracks fraud trends, flagged the $7 million loss figure as a serious concern. Older residents are disproportionately targeted by crypto ATM scams. Fraudsters often pose as government agents, tech support workers, or utility companies to pressure victims into using the machines.
The scams tend to move quickly. Victims are often told they must act immediately or face arrest, account freezes, or lost prize money. That urgency is designed to stop people from thinking clearly or asking for help before sending funds, according to Golf Wicked Local.
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