Tennessee Cryptocurrency ATM Ban to Take Effect on July 1

BlockBeats News, April 28th, Tennessee Governor Bill Lee has signed a bill into law that will officially ban the use and installation of cryptocurrency ATMs and kiosks in the southeastern U.S. state of Tennessee, with related companies having only a few weeks left to achieve compliance.

Lee signed the Tennessee House Bill 2505 on April 13th, which stipulates that starting from July 1st, installing cryptocurrency kiosks will be classified as a Class A misdemeanor. Under state law, such devices are being reclassified as illegal, potentially putting operators and businesses providing locations for the machines at risk of up to 11 months and 29 days of imprisonment and a $2,500 fine.