Haverhill Considers Cryptocurrency ATM Ban Amid Fraud Concerns

The city council in Haverhill, Massachusetts is weighing an ordinance that would ban cryptocurrency ATMs throughout the city. The proposed measure follows growing concerns about financial fraud and money laundering risks associated with these machines.

Council members introduced the measure after reviewing reports of potential vulnerabilities in these machines' operations. The legislation would require removal of existing units within 60 days of passage, and violators would face substantial daily fines of $300 for non-compliance.