Albuquerque bans cryptocurrency ATMs to combat fraud

The city of Albuquerque, New Mexico, has passed the ‘Virtual Currency Ordinance’ (O-26-49), which imposes a blanket ban on cryptocurrency ATMs and cashier-facilitated crypto transactions within city limits. The legislation aims to combat widespread fraud targeting older adults and other vulnerable populations.

City Councilor Stephanie W. Telles, a co-sponsor of the ordinance, noted that approximately 90 percent of crypto ATM transactions in Albuquerque are linked to fraudulent activity. Telles argued that the high fees associated with these kiosks make them impractical for legitimate users, instead serving as tools for scammers, organized crime, and human traffickers due to the instant and irreversible nature of the transactions.

Under the new ordinance, targeted machines must be removed within 45 days of the effective date. Entities found in violation will face cumulative fines. While the ban prohibits the physical infrastructure and facilitation of these services, residents remain permitted to own, possess, mine, and transfer digital currency through other means.