Massachusetts municipality considers prohibition on cryptocurrency ATMs over fraud concerns
The Haverhill City Council joins a growing list of local governments examining a proposal to prohibit crypto ATM installations due to concerns about money laundering and financial scam risks.
Haverhill, Massachusetts municipal authorities are preparing to evaluate a prohibition on digital currency ATMs after an ordinance proposal was put forward on March 17.
Based on the Haverhill City Council's published agenda, the governing body has scheduled deliberations on a cryptocurrency ATM ordinance brought forward by Mayor Melinda E. Barrett. The measure seeks to modify the municipal code to ban cryptocurrency automated teller machines, a proposal that garnered unanimous support with all 11 council members voting in favor during the March 17 session.
The proposed ordinance pointed to possible dangers facing Haverhill citizens stemming from "financial fraud, money laundering and lack of recourse" available to users of these ATMs. Municipal officials stated that the lack of adequate state and federal regulatory frameworks made it necessary for local government to take action. Should the measure pass, cryptocurrency kiosks and ATMs would be required to be withdrawn from city limits within a 60-day period, with violators subject to daily penalties of $300.
The proposed measure in Haverhill represents merely one instance among numerous cases of local authorities throughout the United States implementing prohibitions on cryptocurrency ATMs as a response to fraudulent schemes and criminal conduct. During February, a legislator in Minnesota put forward legislation that would potentially ban crypto kiosks, expanding upon a 2024 statute that established limitations on ATM operators.
Based on information provided by CoinATMRadar and crypto ATM service provider Bitcoin Depot, approximately eight or more machines may be operating within the Haverhill region. Cointelegraph attempted to contact Mayor Barrett's office to obtain a statement but did not receive a reply before this article's publication.
Bitcoin Depot stock declines as company shakes up leadership
Being among the nation's most prominent crypto ATM operators, Bitcoin Depot stock (BTM) has experienced a price decline throughout 2025, falling over 90% during the preceding six-month period. On Tuesday, shares were valued at $2.06 on the Nasdaq exchange.
Beyond the prospective ordinance under consideration in Haverhill, Bitcoin Depot encountered Connecticut banking authorities issuing a temporary cease-and-desist directive in March, which effectively put its money transmission license on hold. Regulatory bodies in Iowa and Massachusetts have additionally filed legal action against the organization for purportedly enabling cryptocurrency-related scams.
During the previous week, Bitcoin Depot made public that Scott Buchanan had resigned from his position as CEO, despite holding the position for fewer than three months. Board member and previous MoneyGram CEO Alex Holmes assumed Buchanan's responsibilities as CEO and chair.
Cointelegraph made contact with Bitcoin Depot requesting commentary regarding the Haverhill ordinance but did not receive a response before this article's publication.