- Albuquerque City Council has banned the use of physical cryptocurrency ATMs.
- The ban follows rising cases of fraud and scams, often targeting elderly residents.
- City Council set a 45-day deadline for crypto ATM operators to remove machines or face penalties.
The Albuquerque City Council of the US state of New Mexico has banned Virtual Currency Automatic Teller Machines, also known as crypto ATMs, citing crime-related issues.
Albuquerque’s District 1 Councilor Stephanie W. Telles stated that 90% of crypto ATM transactions in Albuquerque are used to commit fraud and scams, often targeting elderly residents. Meanwhile, city leaders also cited a nationwide increase in financial fraud facilitated by the cryptocurrency kiosks as a reason for the ban.
The Ban is Restricted to Physical ATMs Only
After the crypto ATM ban, cryptocurrency users in Albuquerque can no longer physically exchange cash for crypto within the city. However, the ban changes nothing about their online crypto activities, including trading and ownership.
The ban means that crypto users can no longer use Bitcoin ATMs located in local convenience stores, laundromats, or gas stations. The city has mandated that crypto ATM owners unplug and remove them from these locations. Landlords and business owners who fail to comply by removing the machines from their premises risk severe sanctions, including losing their licenses.
Everything Else Is Unchanged for Crypto Users
Despite the ban on crypto ATMs, other crypto channels and transaction practices remain unchanged. Crypto users in Albuquerque can freely buy, sell, and trade cryptocurrency on web-based exchanges on their computers or using mobile devices. The ban does not affect digital wallets and self-custody apps, which remain completely legal and unaffected.
The Albuquerque City Council passed the ban after voting on an ordinance co-sponsored by District 1 Councilor Stephanie W. Telles and District 7 Councilor Tammy Fiebelkorn. The Council also issued a 45-day ultimatum for crypto ATM owners to unplug and remove them from their locations before sanctioning defaulters.
Related: Texas Residents Lost $56.8 Million to Crypto ATM Scams in One Year
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Source: https://coinedition.com/albuquerque-bans-crypto-atms-gives-operators-45-days-to-remove-machines/
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