Albuquerque Bans Crypto ATMs Amid Rising Fraud Concerns

Albuquerque has become the latest city to ban cryptocurrency ATMs within its limits. The Albuquerque City Council passed an ordinance on Wednesday, which not only prohibits crypto ATMs but also covers cashier-facilitated virtual currency transactions.

The ordinance requires known operators and retailers hosting their machines to remove them within 45 days. According to District 1 Councilor Stephanie Telles, who co-sponsored the measure with District 7 Councilor Tammy Fiebelkorn, 90% of crypto ATM transactions in Albuquerque are tied to fraud.

Telles stated that 'no one who legitimately exchanges or transmits virtual currency uses these kiosks, because the high fees make them a ripoff.' She argued that they are primarily used by scammers, organized crime, and human traffickers due to the instant, anonymous, and irreversible nature of transactions.

Other cities have also taken similar measures. Indiana banned crypto ATMs in March, Tennessee followed in July, and Minnesota's ban took effect in August. Delaware is considering a bill to ban them, while New Jersey and Texas are weighing their own bans after kiosk scams cost residents $57 million.