Albuquerque Bans Cryptocurrency ATMs Amid Rise in Scam Activity

Albuquerque's Mayor Tim Keller has signed an ordinance aimed at reducing financial fraud by banning cryptocurrency ATMs within city limits. The Virtual Currency Ordinance prohibits the operation, hosting, and facilitation of virtual currency kiosks, as well as cashier-assisted cryptocurrency transactions.

The machines have been linked to scams that target vulnerable populations, including older adults. These schemes persuade victims to convert cash into cryptocurrency, making it difficult or impossible to recover their money.

City officials note that scammers are constantly finding new ways to separate people from their funds, and these kiosks have become another tool they can use.

The ordinance was sponsored by City Councilors Stephanie W. Telles and Tammy Fiebelkorn and was approved by the Albuquerque City Council on September 9. Businesses currently hosting virtual currency ATMs will have 45 days from the ordinance's effective date to remove the machines.