Tennessee Governor Bill Lee has signed HB2505, a bill that bans the use and installation of cryptocurrency kiosks in the state, effective July 1. Violations of this new law could result in penalties of up to 11 months and 29 days in jail, along with a $2,500 fine.
The legislation was introduced due to concerns that these kiosks have been exploited by scammers to target local residents. Currently, Tennessee hosts over 570 cryptocurrency kiosks, operated by companies such as Bitcoin Depot and CoinFlip, according to data from CoinATMRadar.
