Murfreesboro Police say businesses across the city are complying with Tennessee’s new law banning Bitcoin ATMs, a move investigators say is already helping reduce cryptocurrency scams.
Fraud detectives visited 30 businesses that previously housed cryptocurrency ATMs to ensure they were following the law, which took effect July 1. Detectives delivered letters from Police Chief Michael Bowen along with a copy of the new law to each business.
According to Fraud Detective Sgt. Tommy Massey, every business inspected was in compliance. While a few machines were still inside businesses, they had been disconnected and were waiting to be removed by third-party vendors.
Police said they have seen a significant drop in cryptocurrency scam reports since the law took effect.
The compliance checks follow reports that scammers stole nearly $4.1 million from Murfreesboro victims over a six-month period by convincing people, often older adults, to deposit money into Bitcoin ATMs. Investigators said scammers frequently posed as law enforcement officers or other trusted figures to pressure victims into converting their savings into cryptocurrency.
“Tennessee is now only the second state to outlaw Bitcoin ATMs,” Massey said. “This legislation is a significant step in protecting our citizens from cryptocurrency scams.”
Despite the decline in Bitcoin ATM-related scams, Massey warned that scammers continue to find new ways to target victims and urged residents to remain cautious.
Anyone who believes they have been the victim of a scam is encouraged to contact the Murfreesboro Police Department’s Criminal Investigations Division at 615-893-2717.
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