Massachusetts City to Weigh Crypto ATM Ban, Citing Financial Risks
Haverhill, Massachusetts, is considering a ban on crypto ATMs due to concerns about financial fraud, money laundering, and lack of consumer protection.Summary
The Haverhill City Council in Massachusetts is poised to vote on an ordinance that would prohibit cryptocurrency ATMs within city limits. The proposal, introduced by Mayor Melinda E. Barrett, cites risks to residents from financial fraud, money laundering, and the absence of sufficient regulatory oversight at the state and federal levels. If enacted, operators would have 60 days to remove the machines or face a $300 daily fine. This move aligns with a growing trend of US jurisdictions restricting or banning crypto ATMs in response to increasing scams and illegal activities. Bitcoin Depot, a major crypto ATM operator, is facing challenges, including a declining stock price and regulatory scrutiny in multiple states, including Connecticut, Iowa, and Massachusetts, as well as a recent change in leadership.
(Source：Cointelegraph)