Key facts
- Albuquerque banned cryptocurrency ATMs and cashier-facilitated virtual currency transactions.
- Operators have 45 days to remove the machines.
- Councilors cited that 90% of crypto ATM transactions in Albuquerque are tied to fraud.
- The ban follows similar prohibitions in Indiana, Tennessee, and Minnesota.
- Bitcoin Depot, a major operator, filed for bankruptcy in May.
Albuquerque has banned cryptocurrency ATMs within city limits, with an ordinance passed by the city council on Wednesday that also covers cashier-facilitated virtual currency transactions. The city will notify known operators and the retailers hosting their machines, who have 45 days to remove them. District 1 Councilor Stephanie Telles, who co-sponsored the measure with District 7 Councilor Tammy Fiebelkorn, stated that 90% of crypto ATM transactions in Albuquerque are tied to fraud. She argued that these kiosks are primarily used by scammers, organized crime, and human traffickers due to instant, anonymous, and irreversible transactions. Councilor Fiebelkorn added that the city cannot wait for federal regulators to address the issue while residents are targeted. Residents can still own, mine, and transfer crypto through online exchanges and personal wallets. The ban follows similar statewide prohibitions in Indiana, Tennessee, and Minnesota. Delaware has advanced a bill, New Jersey is considering one, and Texas lawmakers are weighing a ban. Bitcoin Depot, once the largest operator in North America, filed for Chapter 11 bankruptcy in May and removed approximately 9,700 kiosks, citing transaction limits and restrictions. Washington, D.C.'s attorney general sued Athena Bitcoin last year, alleging that 93% of deposits into its kiosks were the product of fraud. The FBI logged nearly 11,000 kiosk fraud complaints in 2024, totaling over $246 million.