Albuquerque bans crypto ATMs over fraud concerns

Albuquerque has banned crypto ATMs and cashier-assisted transactions due to high fraud rates. Operators have 45 days to comply. Residents can still use online crypto services. Non-compliance may lead to penalties.

Albuquerque has implemented a citywide ban on cryptocurrency ATMs and cashier-assisted virtual currency transactions, following a unanimous city council ordinance. Operators and businesses hosting these kiosks have 45 days from notification to remove the machines or risk penalties, including potential loss of business licenses. The ordinance was prompted by concerns over high rates of fraud and scams linked to crypto ATMs. Officials reported that up to 90% of such transactions in Albuquerque are associated with fraudulent activity, often targeting elderly residents. Despite the ban, residents are still permitted to own, mine, and transfer cryptocurrencies via online exchanges and personal wallets. The ordinance does not impact lawful digital asset activities outside of physical kiosks and cashier-assisted transactions. Albuquerque’s decision mirrors similar actions in other states, reflecting a growing national trend toward stricter regulation in response to crypto-related financial crimes.