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The city of Albuquerque, USA, has officially banned Bitcoin ATMs to combat cryptocurrency fraud, with the new regulations taking effect on October 21.
The city of Albuquerque, New Mexico, has officially banned Bitcoin ATMs to combat rising cryptocurrency fraud. The city's new virtual currency ordinance was passed by the city council and signed by the mayor on September 9, taking effect on October 21. The new regulations prohibit cryptocurrency kiosks and cashier-assisted cryptocurrency transactions, requiring existing Bitcoin ATMs to be removed within 45 days or face fines. Mayor Tim Keller stated that scammers are using these machines to defraud vulnerable populations, including the elderly. According to FBI data, over 13,400 complaints related to cryptocurrency kiosks have been received.
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