Albuquerque Bans Crypto ATMs, Citing Fraud Concerns
- The Albuquerque city council has banned cryptocurrency ATMs and cashier-facilitated virtual currency transactions within city limits.
- Operators and businesses hosting these machines have a deadline of 45 days to remove them.
- Councilor Stephanie Telles stated that approximately 90% of crypto ATM transactions in the city are linked to fraud.
- Indiana, Tennessee, and Minnesota have already implemented statewide bans on these machines.
- Bitcoin Depot, once North America’s largest operator, filed for Chapter 11 bankruptcy in May due to regulatory challenges.
The Albuquerque ban is part of a broader trend across several U.S. states responding to concerns about fraud associated with cryptocurrency ATMs. Despite the removal of these kiosks, residents can still own, mine, and transfer cryptocurrencies through online exchanges and personal wallets.
This move highlights ongoing regulatory efforts to address financial crimes linked to Bitcoin transactions in physical locations while allowing digital activities to continue unrestricted. (Source)
