Albuquerque Bans Virtual Currency ATMs Amid Fraud Concerns

Albuquerque, New Mexico, has implemented a ban on virtual currency ATMs and cashier-facilitated cryptocurrency transactions. The city council passed an ordinance, O-26-49, which prohibits the installation, operation, hosting, and facilitation of virtual currency ATMs.

The measure was designed to address fraud and financial exploitation associated with physical cryptocurrency kiosks, particularly risks involving older adults and other vulnerable residents.

Existing machines must cease operations immediately once the ordinance becomes effective and must be physically removed no later than 45 days after the effective date.