Massachusetts city to weigh crypto ATM ban, citing financial risks

Haverhill City Council, following other jurisdictions, is set to consider an ordinance banning crypto ATMs viewed as enabling financial fraud and money laundering.

The city council of Haverhill, Massachusetts is set to consider a ban on cryptocurrency ATMs following a proposal for an ordinance introduced on March 17. 

According to Haverhill City Council’s agenda, the government body is scheduled to review a crypto ATM ordinance introduced by Mayor Melinda E. Barrett. The proposal would amend the city code to prohibit cryptocurrency ATMs, an ordinance which received a unanimous 11 votes in the council’s March 17 meeting.

The ordinance cited potential risks to Haverhill residents due to “financial fraud, money laundering and lack of recourse” for ATM users. The city said the absence of state and federal regulations necessitated local authorities stepping in. If passed, all crypto kiosks and ATMs would need to be removed from the city within 60 days or face a $300 a day fine.

Haverhill‘s proposed action is just one of many examples of jurisdictions across the US introducing bans on crypto ATMs in response to scams and other illegal activities. In February, a Minnesota lawmaker introduced a bill that could ban crypto kiosks, building on a 2024 law that imposed restrictions on ATM operators.

Related: Crypto gains political clout among 80% of UK young voters

According to data reported by CoinATMRadar and crypto ATM operator Bitcoin Depot, there could be eight or more machines in the Haverhill area. Cointelegraph reached out to Mayor Barrett’s office for comment but had not received a response at the time of publication.

As one of the largest crypto ATM operators in the US, the share price of Bitcoin Depot stock (BTM) has declined since 2025, dropping by more than 90% in the past six months. As of Tuesday, the stock was trading at $2.06 on the Nasdaq.

In additional to the potential ordinance in Haverhill, Bitcoin Depot faced Connecticut banking regulators issuing a temporary cease-and-desist order in March, effectively suspending its money transmission license. Authorities in Iowa and Massachusetts have also sued the company for allegedly facilitating crypto scams.

Last week, Bitcoin Depot announced that Scott Buchanan had stepped down as CEO, having served at the role for less than three months. Board member and former MoneyGram CEO Alex Holmes replaced Buchanan as CEO and chair.

Cointelegraph reached out to Bitcoin Depot for comment on the Haverhill ordinance but had not received a response at the time of publication.

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Source: CoinTelegraph