Albuquerque Bans Crypto ATMs Over Financial Scam Concerns

The Albuquerque City Council has passed an ordinance banning cryptocurrency ATMs and cashier-assisted crypto transactions within city limits. The ban, sponsored by Councilor Stephanie Telles, aims to curb financial scams targeting older adults in underserved communities.

According to Telles, 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. The overwhelming majority of these machines' use is linked to financial crime and scams, with conversion fees running as high as 25% to 35%. Telles said legitimate crypto investors do not use these machines due to the high costs.

Operators have 45 days after the ordinance takes effect to shut down and remove existing machines. The city can revoke a business license, seek a court order, or require removal of prohibited ATMs. Councilors Brook Bassan, Renée Grout, and Dan Lewis voted against the ban, with Lewis arguing that financial scams happen as often at traditional banks and urging targeted safety rules rather than a blanket ban.

The new law does not ban cryptocurrency itself; residents can still own, mine, buy, and trade digital assets through online exchanges and private transactions. Telles emphasized that this is 'not an anti-crypto bill in any way' and that users can still genuinely buy cryptocurrency if they want to.