Haverhill to Crypto ATMs: Pay $300 a Day or Get Out

Haverhill, Massachusetts is about to make crypto ATM operators an offer they can't refuse—unless they enjoy the taste of regulatory fines with their morning coffee. The city council is set to weigh a ban on cryptocurrency ATMs following a proposal introduced by Mayor Melinda E. Barrett on March 17.

The ordinance, which received a unanimous 11-0 vote to move forward for review, would amend city code to prohibit crypto ATMs entirely. The proposal cites 'financial fraud, money laundering and lack of recourse' as key concerns for Haverhill residents. With no state or federal regulations on the books, local authorities decided it was time to step in and show these digital dollar dispensers who's boss.

If passed, all crypto kiosks and ATMs must be removed within 60 days—or face a cheeky $300 daily fine. That's roughly 150 tacos from a food truck, or in crypto terms, approximately 0.0004 Bitcoin at today's prices. Choose wisely, kiosk owners.

This isn't just a Haverhill problem. Jurisdictions across the US are jumping on the anti-crypto ATM bandwagon in response to scams and illegal activities—because nothing says "we care about protecting retirees" quite like banning Bitcoin machines. In February, a Minnesota lawmaker introduced a bill that could ban crypto kiosks, building on 2024 restrictions.

According to CoinATMRadar and operator Bitcoin Depot, there could be eight or more machines lurking in the Haverhill area. That's eight more than most people in Haverhill probably knew existed until this news broke.

Speaking of rough times for Bitcoin Depot—the one of the largest US crypto ATM operators—its stock (BTM) has plummeted more than 90% in the past six months, trading at a modest $2.06 on the Nasdaq. For those keeping track at home, that's what happens when your business model involves letting strangers deposit cash into machines named after internet money. The company also caught a temporary cease-and-desist order from Connecticut banking regulators in March, effectively suspending its money transmission license. Authorities in Iowa and Massachusetts have sued the company for allegedly facilitating crypto scams. It's almost like putting crypto ATMs in strip malls was always going to end poorly.

On the leadership front, Scott Buchanan just stepped down as CEO after less than three months on the job. That's roughly the same amount of time it takes to get a refund from these machines. Board member and former MoneyGram CEO Alex Holmes has taken over as CEO and chair. Good luck