Albuquerque Bans Crypto ATMs in New Ordinance
Albuquerque has banned crypto ATMs, citing fraud concerns. Operators have 45 days to remove machines. The city joins other jurisdictions in restricting digital currency kiosks.
Albuquerque, New Mexico, has banned the installation and operation of cryptocurrency ATMs. The city council passed Ordinance O-26-49 to prohibit these kiosks. The measure also bars cashier-facilitated cryptocurrency transactions. Operators must remove existing machines within 45 days of the effective date. The ban aims to protect residents from financial scams.
City Councilor Stephanie W. Telles described the kiosks as conduits for exploitation. She stated that high fees make legitimate use unlikely. Telles argued that the instant and anonymous nature of transactions favors criminals. She noted that 90% of local crypto ATM transactions were tied to fraud. The council views the devices as a source of crime rather than a financial service.
Regulatory move targets fraud risks
The ordinance prohibits hosting any crypto ATM in the city. It also bans clerks from collecting cash for cryptocurrency providers. This restriction covers both installation and daily operations. The 45-day removal window provides a short transition period. The policy aligns Albuquerque with other states and localities that have enacted similar bans.
Officials cite high transaction fees
Council members emphasized the economic burden on users. High fees discourage legitimate exchange and transmission of virtual currency. The remaining user base is perceived as problematic. Telles stated that scammers and organized crime groups exploit the system. The inability to reverse transactions once cash is deposited increases risk.
Albuquerque joins broader ban trend
This decision places Albuquerque alongside several other jurisdictions. Multiple states and cities have already restricted crypto ATMs. The move reflects a growing concern over regulatory gaps. Authorities are seeking to close avenues for illicit activity. The ban represents a strict local approach to digital currency infrastructure.
According to GN markets/crypto (en-US), this regulatory action highlights the tension between innovation and consumer protection. The city is prioritizing public safety over financial convenience. The ordinance will take effect after the 45-day removal period. Operators must comply to avoid penalties. The market impact on local crypto services will be immediate.
