Albuquerque Cracks Down on Crypto ATMs Amid Widespread Fraud Concerns
The city of Albuquerque in New Mexico has passed an ordinance banning crypto ATMs within its limits. The Virtual Currency Ordinance, O-26-49, prohibits the operation and hosting of these services, citing their use in widespread fraud targeting older adults and vulnerable populations.
Councilor Stephanie W. Telles said that crypto ATMs are almost exclusively used for fraudulent activities due to their high fees, making it economically unfeasible for legitimate users.
The ordinance is aimed at removing the physical infrastructure enabling these activities and comes as part of a pushback against the rise of targeted crypto-facilitated fraud.
City residents remain free to own, possess, mine, and transfer digital assets through other means. The ban follows similar measures in other municipalities and states, including Tennessee's statewide crypto ATM ban that took effect in July.