Albuquerque Bans Crypto ATMs Amid Fraud Concerns
Albuquerque has banned cryptocurrency ATMs within city limits as part of an ordinance passed by the city council on Wednesday. The ban also covers cashier-facilitated virtual currency transactions.
The ordinance requires operators and retailers hosting the machines to remove them within 45 days.
Councilor Stephanie Telles, who co-sponsored the measure with Councilor Tammy Fiebelkorn, stated that 90% of crypto ATM transactions in Albuquerque are tied to fraud. According to Telles, these transactions are primarily used by scammers, organized crime, and human traffickers due to their instant, anonymous, and irreversible nature.
Resident cryptocurrency ownership, mining, and transfer through online exchanges and personal wallets remain unaffected by the ban.
This move follows a series of statewide prohibitions on crypto ATMs in Indiana (March), Tennessee (July), and Minnesota (August). Other states are also considering or have proposed similar bans, including Delaware, New Jersey, and Texas.