Albuquerque Crypto ATM Ban Takes Effect With Potential $500 Daily Fines

The city of Albuquerque, New Mexico, has barred businesses from operating or installing cryptocurrency ATMs under its virtual currency ordinance, requiring them to shut down machines immediately and remove them by Dec. 5. Operators who violate the rule may face a $500 fine for each day of noncompliance, and their business licenses may be revoked. The deadline for physically removing the kiosks is Dec. 5. The ordinance applies to businesses operating or installing the machines. Residents may still legally own cryptocurrency, mine it and transfer it privately. Albuquerque’s action comes as other U.S. jurisdictions restrict crypto ATMs under different rules.