Albuquerque Bans Physical Crypto ATMs Over Rising Fraud Cases

Albuquerque City Council has banned physical cryptocurrency ATMs in response to rising cases of fraud and scams targeting elderly residents. According to District 1 Councilor Stephanie W. Telles, 90% of crypto ATM transactions in Albuquerque are used for illicit activities.

The ban is restricted to physical ATMs only, allowing online crypto activities, including trading and ownership, to continue unchanged. Crypto users can no longer physically exchange cash for cryptocurrency within the city but can still use web-based exchanges on their computers or mobile devices.

Crypto ATM owners have 45 days to remove machines from locations or face penalties, including losing licenses. The ban is part of a nationwide effort to combat financial fraud facilitated by cryptocurrency kiosks.