Following the passage of House Bill 2505 earlier this year, Tennessee leaders have officially outlawed ATM-style electronic kiosks designed for purchasing cryptocurrency, a digital-only and unregulated currency that lacks bank or government backing. The ban will officially take effect on July 1st.

This legislative action aligns with ongoing efforts by the Tennessee Department of Commerce and Insurance’s (TDCI) Securities Division, which has spent years raising awareness about the rise of cryptocurrency scams, including those utilizing these kiosks, which have caused financial losses for residents. To help consumers protect their hard-earned money and avoid future pitfalls, the TDCI Securities Division advises individuals to never click on unexpected links or respond directly to unsolicited calls and messages.

Furthermore, consumers are urged to slow down and consult a trusted person before acting, never withdraw cash in response to urgent demands, and remain highly skeptical of anyone insisting that a financial transaction or piece of information must be kept a secret.