Albuquerque Bans Crypto ATMs with 47 Kiosks Affected

The Albuquerque City Council approved a ban on cryptocurrency ATMs on September 9. The vote passed 6-3. This action removes 47 active kiosks from the city. The ordinance targets these machines and cashier-assisted transactions. It does not ban the cryptocurrency itself. Residents can still buy digital assets online.

Councilor Stephanie Telles sponsored the Virtual Currency Ordinance. She cited high fees of 25% to 35% as a reason for the ban. Legitimate investors rarely use these machines, she argued. Scammers exploit the kiosks to target older adults. The city estimates match public tracking data on kiosk locations. No government agency currently maintains a registry of these devices.

Enforcement rules set strict timelines

Operators have 45 days to remove machines after the law takes effect. Each day of violation counts as a separate offense. Fines can accumulate daily for non-compliance. The city can revoke business licenses for hosts. Courts can enforce removal orders. Both the operator and the host face potential penalties.

Officials link kiosks to financial crime

State Treasurer Laura Montoya’s office noted a concentration in underserved areas. The International District hosts a disproportionate number of kiosks. Raul Bujanda, director of public safety, identified risks for money laundering. He stated that unmonitored kiosks offer anonymity to cartels. A local case involved a 69-year-old widow losing $10,000. She was scammed at a Bitcoin ATM in a gas station.

Dissenters argue for targeted safety rules

Three councilors voted against the ban. Dan Lewis argued that scams happen at traditional banks too. He proposed lighting and surveillance requirements instead. He viewed the ban as an overreach. Telles maintained that the bill is not anti-crypto. Users can still trade via online exchanges. The restriction applies only to physical kiosks and in-person assistance.