The Tennessee Department of Commerce & Insurance’s Division of Securities applauds Tennessee lawmakers for banning crypto kiosks in Tennessee

and reminds consumers to remain on guard for future crypto-schemes that prey on unsuspecting investors.

With passage of HB 2505 earlier this year, Tennessee leaders outlawed the ATM-style electronic kiosks which are designed to facilitate buying cryptocurrencies. Cryptocurrency is a digital-only, unregulated currency that is not backed by a bank or a government and has no physical presence.

Crypto-kiosks look like traditional ATMs and are located in all the same kinds of places as ATMs can be found such as gas stations, convenience stores, and other high-traffic areas. However, crypto kiosks transfer real money into cryptocurrency via an electronic wallet.

“Tennessee’s ban on crypto kiosks does not prevent consumers from buying or trading cryptocurrencies, but it does take away the potential abuse of these kiosks by scammers,” said TDCI Commissioner Carter Lawrence. “I thank the members of the General Assembly for taking this important step that will increase the financial protection for Tennesseans of all ages today and into the future.”

Questions about an investment? Contact TDCI's Securities Division online at tn.gov/securities, by email at securities.1@tn.gov, or call 800-863-9117.

See the full press release in the comments below.

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