Tennessee Cryptocurrency ATM Ban to Take Effect on July 1

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On April 28, Tennessee Governor Bill Lee signed a bill into law that will prohibit the use and installation of cryptocurrency ATMs and kiosks in the southeastern United States. Companies have only a few weeks left to comply. Lee signed Tennessee House Bill 2505 on April 13, which states that starting July 1, the installation of cryptocurrency kiosks will be classified as a Class A misdemeanor. Under state law, such devices are reclassified as illegal, potentially exposing operators and businesses providing locations for the devices to a maximum of 11 months and 29 days in jail and a $2,500 fine.

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