The city of Haverhill, Massachusetts, is moving toward a citywide ban that would force all cryptocurrency ATMs and kiosks to go out within 60 days, with operators facing daily fines of $300 if they don’t comply.
the an offer It also gives the city a tough stance on a problem that officials say has already led to fraud complaints, concerns about money laundering, and little practical recourse for users who lose money.
Council vote puts ban on track
The ordinance was introduced March 17 by Mayor Melinda E. Barrett and received an initial City Council vote of 11-0, placing it on the council agenda for further review.
According to the city’s agenda, Measures It will amend local law to completely ban cryptocurrency ATMs. City officials said they see the lack of state and federal rules as cause for local action.
The move places Haverhill among a growing group of US communities targeting cryptocurrency kiosks after reports of scams and other illegal activity.
Source: Haverhill City Council
And in Minnesota, a lawmaker introduced a bill in February that could ban cryptocurrency kiosks, building on a 2024 law that already imposed restrictions on ATM operators.
Haverhill’s proposal does not stand alone. It fits a pattern that is spreading city by city and state by state.
Cryptocurrency ATMs It’s often marketed as a simple way to buy digital assets, but local officials are increasingly treating it as a weak point in consumer protections.
In the case of Haverhill, the city said users may have little ability to get a refund once the transaction is complete. This concern was central to the proposed law, which portrayed the machines as a danger to residents rather than an amenity to them.
The Bitcoin warehouse is facing increasing pressure
The proposed ban also lands at a difficult time Bitcoin Depot, one of the largest cryptocurrency ATM operators in the United States. The company’s stock has fallen more than 90% over the past six months and was trading at $2.06 on the Nasdaq on Tuesday, according to the report.
Haverhill area data from CoinATMRadar and Bitcoin Depot indicated there were eight or more devices in the local area.
Bitcoin Depository The pressures have been dealt with on several fronts. Connecticut banking regulators issued a temporary cease-and-desist order in March, effectively suspending their money transmitter license.
Authorities in Iowa and Massachusetts have also filed a lawsuit against the company, accusing it of helping to facilitate cryptocurrency-related scams.
Featured image from Unsplash, chart from TradingView
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