Albuquerque Bans Bitcoin ATMs

Albuquerque, New Mexico, implemented a new regulation banning cryptocurrency kiosks on October 21. The City Council approved the decision with a vote of 6 to 3 on September 9, and Mayor Tim Keller signed the text. Existing Bitcoin ATMs are to be immediately taken out of service. Businesses have been given 45 days to remove the devices. Those who do not comply may face penalties such as daily fines and license revocation. Authorities note that cryptocurrency ATMs are often used in fraud cases targeting the elderly. Scammers pose as public officials and direct victims to cryptocurrency kiosks. The FBI has received over 13,400 complaints related to cryptocurrency kiosks, with half of these reports coming from individuals over the age of 50. Albuquerque's move coincides with a nationwide increase in fraud complaints.

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