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first_img Albuquerque has banned Bitcoin ATMs, requiring operators to remove them within 45 days

The city council of Albuquerque, New Mexico, passed an ordinance on Wednesday prohibiting the operation of cryptocurrency ATMs (cryptocurrency vending machines) within the city limits, while also banning cashier-assisted virtual currency transactions. The city government will notify known operators and retailers hosting the machines, requiring them to remove the relevant equipment within 45 days.The ordinance was jointly initiated by District 1 Councilor Stephanie Telles and District 7 Councilor Tammy Fiebelkorn. Telles stated that 90% of cryptocurrency ATM transactions in Albuquerque are related to fraud, claiming that these machines are primarily exploited by scammers, organized crime, and human traffickers due to the instant, anonymous, and irreversible nature of transactions. Fiebelkorn remarked that we cannot wait for federal regulators to resolve the crisis. The city council emphasized that residents can still freely hold, mine, and transfer cryptocurrencies through online exchanges and personal wallets.In terms of background, Indiana banned such machines statewide in March, Tennessee in July, and Minnesota in August; Delaware has advanced related legislation, New Jersey is considering it, and Texas is also brewing a ban. One of North America's largest operators, Bitcoin Depot, filed for bankruptcy protection in May and removed about 9,700 machines. According to data from the FBI, nearly 11,000 complaints of vending machine fraud were received in 2024, involving amounts exceeding $246 million.

first_img Bitcoin Bancorp acquired the bankrupt Bitcoin Depot for $620,000, including 2,547 ATMs

According to CoinDesk, after the bankruptcy of Bitcoin ATM operator Bitcoin Depot, about a quarter of its more than 9,200 self-service terminals have been sold. The publicly traded digital asset infrastructure company Bitcoin Bancorp (BCBC) won 2,547 of these ATMs for $620,750 and additionally paid $110,500 to acquire related site agreements, intellectual property, trademarks, patents, and the BitcoinDepot.com domain name.Bitcoin Depot filed for Chapter 11 bankruptcy protection in May of this year, after its first-quarter revenue fell 49% year-over-year, with profits turning from a $12.2 million gain to a $9.5 million loss. In its last complete financial report before bankruptcy (fourth quarter of 2025), the company valued all properties and equipment (of which 98% were self-service terminals) at over $26 million.Bitcoin Bancorp, headquartered in Las Vegas and formerly known as Bullet Blockchain, trades at $0.04 on the OTC Markets, with a market capitalization of about $18.5 million, far below Bitcoin Depot's peak of about $400 million when it was listed on Nasdaq. The company stated that the remaining deliveries are expected to be completed in the next quarter. Data shows that losses from crypto ATM scams reached $389 million in 2025, a year-on-year increase of 58%. The UK's FCA has announced that crypto ATMs are illegal, and regulators in countries such as Australia and Canada have also intensified their crackdowns.
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