Albuquerque crypto ATM ban takes effect with daily fines for operators

A municipal ban on cryptocurrency ATMs and cashier-facilitated cryptocurrency transactions has taken effect in Albuquerque, New Mexico. Bitcoin News and Pluang reported that noncompliant businesses face financial penalties, including daily fines of $500, as well as possible closure. Officials are targeting cash conversion services used in scams that leave victims unable to recover their funds. [1][8]

Businesses operating or hosting cryptocurrency kiosks must immediately stop all transactions under the Virtual Currency Ordinance. Bitcoin News reported that the city issued an announcement on October 21 giving operators a 45-day deadline of December 5 for the physical removal of the machines. UToday Crypto News and U.Today both reported that the city enacted the measure as part of a broader crackdown on cryptocurrency fraud. [1][6][9]

Cryptocurrency ATMs are physical kiosks that allow users to purchase or sell digital assets using cash or a debit card. These machines utilize distributed ledger technology to execute transactions, with some operators requiring customers to maintain pre-existing accounts to complete transfers. [10][11]

The enforcement action comes as market data shows ongoing volatility in digital asset markets. Coin Gabbar reported that Bitcoin traded at $84,000 amid an increase in reported cryptocurrency scams. Meanwhile, The Market Periodical noted divergent exchange-traded fund flows, with Bitcoin products gaining $23 million while Ether products recorded $26 million in losses. [5][7]