Update (April 1 at 3:35 pm UTC): This text has been updated to embody an announcement from Bitcoin Depot.
The city council of Haverhill, Massachusetts is made up our minds to deem a ban on cryptocurrency ATMs following a proposal for an ordinance launched on March 17.
In accordance with Haverhill Metropolis Council’s agenda, the authorities body is scheduled to envision a crypto ATM ordinance launched by Mayor Melinda E. Barrett. The proposal would amend town code to limit cryptocurrency ATMs, an ordinance that got unanimous approval with 11 votes in the council’s March 17 assembly.
Source: Haverhill Metropolis Council
The ordinance cited doable risks to Haverhill residents on account of “financial fraud, money laundering and lack of recourse” for ATM customers. The city stated the absence of declare and federal regulations necessitated native authorities stepping in. If passed, all crypto kiosks and ATMs would must be removed from town within 60 days or face a $300 a day enticing.
Haverhill’s proposed action is correct without a doubt one of many examples of jurisdictions during the US introducing bans on crypto ATMs in response to scams and varied illegal activities. In February, a Minnesota lawmaker launched a bill that can perhaps perhaps ban crypto kiosks, constructing on a 2024 legislation that imposed restrictions on ATM operators.
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In accordance with data reported by CoinATMRadar and crypto ATM operator Bitcoin Depot, there would possibly well possibly perhaps possibly be eight or more machines in the Haverhill house. Cointelegraph reached out to Mayor Barrett’s station of job for comment however had no longer got a response on the time of publication.
In an announcement to Cointelegraph concerning the proposed Haverhill ordinance, a Bitcoin Depot spokesperson stated:
“As lawmakers deem new principles, it’s critical to strike a balance, strengthening client safeguards whereas mute allowing guilty entry to those products and services for those that rely on them. We give a increase to collaboration between policymakers, regulators, and the replace to be sure regulations are effective and excellent for buyers.”
Bitcoin Depot stock declines as company shakes up management
As without a doubt one of many greatest crypto ATM operators in the US, the half tag of Bitcoin Depot stock (BTM) has declined since 2025, dropping by more than 90% prior to now six months. As of Tuesday, the stock used to be shopping and selling at $2.06 on the Nasdaq.
Besides to the aptitude ordinance in Haverhill, Bitcoin Depot faced Connecticut banking regulators issuing a non permanent discontinue-and-desist allege in March, effectively suspending its money transmission license. Authorities in Iowa and Massachusetts have also sued the company for allegedly facilitating crypto scams.
Final week, Bitcoin Depot launched that Scott Buchanan had stepped down as CEO, having served in the feature for only three months. Board member and venerable MoneyGram CEO Alex Holmes replaced Buchanan as CEO and chair.
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