Crypto ATMs Face Ban In Massachusetts City Amid Scam Concerns

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In a bold move that will have all the subtlety of a wrecking ball at a china shop, Haverhill, Massachusetts, is gearing up to ban all crypto ATMs and kiosks within 60 days. And if the operators think they can just ignore it, the city has promised a delightful $300 daily fine to encourage compliance. Nothing says “get out” quite like a hefty fine, right?

The proposal has been driven by concerns over fraud, money laundering, and the terrifying idea that people might lose money in a digital void without a single chance to recover it. Because apparently, that’s what happens when you introduce futuristic tech without a safety net. But who needs protection when you’re buying invisible coins, eh?

Council Vote Puts Ban On Track

The Mayor of Haverhill, Melinda E. Barrett, introduced this charming proposal on March 17. In a display of unity rarely seen outside of synchronized swimming, the City Council passed the first vote 11-0, putting it on the fast track for further review. They’re clearly all in for the ban, like a group of friends deciding to skip the last bar for the “better” one across town.

The ordinance would amend local laws to give crypto ATMs the boot. Local officials are pointing fingers at the absence of state and federal regulations as the reason they’re stepping in. Apparently, someone had to put the brakes on this digital rollercoaster before it hit a pothole.

This isn’t an isolated incident, mind you. Haverhill is joining a growing number of US cities taking aim at crypto kiosks after those delightful reports of scams and illegal shenanigans. Nothing like a citywide crackdown to show your citizens you care, right?

Over in Minnesota, lawmakers decided to throw in their own ban on crypto kiosks back in February, using a 2024 law as a handy excuse to restrict ATM operators even more. After all, why not jump on the bandwagon of banning things that sound too good to be true?

But let’s not kid ourselves: Haverhill’s new proposal is just one small part of a much larger national pattern. Crypto ATMs were sold as a simple way to buy digital assets, but increasingly, they’re being treated like that one uncle who shows up uninvited to family gatherings, eats all the chips, and leaves before anyone notices.

In Haverhill’s case, the city has raised a crucial point: once you hand over your money to a machine, good luck getting it back. A little something called ‘buyer’s remorse’ just doesn’t work on the blockchain, apparently. So, while the machines might seem convenient, they’re actually a risk to residents’ hard-earned cash.

Bitcoin Depot Faces Rising Pressure

If you thought things couldn’t get worse for crypto ATMs, meet Bitcoin Depot, one of the largest operators in the US. The company’s stock has taken a dive so steep it’s practically nose-diving, down more than 90% over the past six months. On Tuesday, it was trading at a staggering $2.06 on Nasdaq. A price so low, it might as well be a bargain-bin find.

Haverhill’s CoinATMRadar and Bitcoin Depot both confirm the local area boasts eight or more of these lovely machines. But it seems Bitcoin Depot is facing heat from all directions. Connecticut’s banking regulators decided to get in on the action with a temporary cease-and-desist order in March, effectively suspending their money transmission license. Ouch. That’s gotta sting.

And as if things weren’t bad enough, authorities in Iowa and Massachusetts have also jumped on the legal bandwagon, suing the company for allegedly helping facilitate crypto scams. Because, of course, if you throw enough lawsuits at something, eventually it gets the hint.

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2026-04-02 08:11