The U.S. Commodity Futures Trading Commission (CFTC) issued a public warning on Aug. 26 about the growing risks of cryptocurrency ATMs, cautioning that transactions through these kiosks are typically immediate, irreversible and difficult to trace. The advisory comes as FBI data shows reported losses tied to crypto kiosk scams reached $388 million in 2025, a 58% increase from 2024, while complaint volumes rose 23% to more than 13,400 cases.
The CFTC emphasized that criminals frequently impersonate government agencies, banks, investment firms, utility companies and technical support providers to create a false sense of urgency. Victims are often directed to deposit cash into crypto ATMs, scan QR codes and complete blockchain transfers while the scammer remains on the phone. “No government agency, legitimate financial institution, or reputable company will instruct you to move money using crypto ATMs, gift cards, or couriers,” the CFTC stated. The FBI cautioned that actual losses may be higher because many victims do not report fraud, and its figures include some cases involving other payment methods.
The FBI data shows older Americans are especially vulnerable. More than half of crypto kiosk complaints involved people over 50, accounting for $302 million in reported losses. People aged 60 or older filed 6,188 complaints and reported more than $257 million in losses. Separate Federal Trade Commission research found cryptocurrency was identified in 33% of reports involving older adults who lost at least $10,000 to business and government impersonation scams in 2024, with most crypto references pointing to Bitcoin ATMs.
Regulators and states are responding with tighter rules. FinCEN has instructed financial institutions and kiosk operators to monitor for fraud and file suspicious activity reports. Arizona’s crypto ATM refund law returned $171,332 to 35 scam victims, while Minnesota’s crypto ATM ban took effect after nearly $1 million in reported losses. Other states have adopted transaction limits, mandatory receipts, customer-service requirements and holding periods. The CFTC advises victims to preserve kiosk receipts, wallet addresses, QR codes, transaction hashes and communications, and to report incidents through the CFTC complaint portal, the FBI’s IC3 website, local law enforcement and the kiosk operator.
