Albuquerque Axes Crypto ATMs Amid Widespread Fraud

Albuquerque has banned cryptocurrency ATMs and cashier-facilitated transactions within city limits. The ordinance, known as O-26-49 or the Virtual Currency Ordinance, aims to curb widespread fraud targeting vulnerable residents.

The ban is effective immediately, and operators have 45 days to remove their machines from the area or face fines. According to Councilor Stephanie W. Telles, a co-sponsor of the ordinance, 90% of crypto ATM transactions in Albuquerque are tied to fraud.

Telles pointed out that legitimate users don't use these ATMs due to high fees, making it economically unfeasible for everyday citizens. Scammers and organized crime groups, on the other hand, exploit the instant, anonymous, and irreversible nature of cryptocurrency transactions.

The ban only affects operations involving ATMs and cashiers, while residents remain free to own, possess, mine, and transfer digital assets through other means.