Albuquerque Bans Crypto ATMs Amid Scam Concerns

The Albuquerque City Council has voted to ban cryptocurrency ATMs and cashier-assisted crypto transactions within city limits. The ban, which was approved on September 9, is aimed at preventing financial scams targeting older adults.

Councilor Stephanie Telles sponsored the Virtual Currency Ordinance, citing concerns about the high conversion fees associated with these machines, which can run as high as 25% to 35%. She also pointed out that no government agency maintains a registry of crypto ATMs, but city estimates match public tracking tools such as Coin ATM Radar, which list 47 active kiosks across Albuquerque.

Telles said she is working with the Planning Department to draft a formal implementation plan. Operators have 45 days after the ordinance takes effect to shut down and remove existing machines. The city can impose daily fines for each violation and revoke business licenses if necessary.