Haverhill Moves to Ban Crypto ATMs Amid Fraud Concerns

• Massachusetts city considers eliminating crypto ATMs to combat consumer protection risks and fraud.
• Ordinance proposes 60-day compliance window, imposing daily fines for violators.

On March 31, 2026, the Haverhill City Council in Massachusetts will review a proposal to ban cryptocurrency ATMs. Introduced by Mayor Melinda E. Barrett on March 17, the ordinance aims to mitigate risks related to financial fraud, money laundering, and inadequate consumer protections.

Reports indicate unanimous support for the measure during its initial vote. If enacted, the ordinance would require all cryptocurrency ATMs in Haverhill to be removed within 60 days, with non-compliance resulting in daily fines of $300.

This move mirrors broader regulatory efforts across the United States, as other jurisdictions have pursued similar measures. In February 2026, Minnesota introduced a bill seeking increased oversight of cryptocurrency kiosks.

The proposed ban coincides with mounting challenges for major crypto ATM operators like Bitcoin Depot, whose stock (BTM) has plummeted by over 90% in the past six months.

Bitcoin Depot has also come under heightened scrutiny at the state level. In March 2026, Connecticut banking regulators issued a temporary cease-and-desist order against the company. Moreover, it faces lawsuits in Iowa and Massachusetts alleging involvement in cryptocurrency scams.

In response to these pressures, Bitcoin Depot has undergone leadership restructuring. Scott Buchanan resigned as CEO in March after serving just under three months, with Alex Holmes, former MoneyGram CEO, stepping in as the new CEO and chairman of the board. Holmes has emphasized operational stability and addressing regulatory concerns as his top priorities.

As of April 1, 2026, 01:08 UTC, Bitcoin (BTC) is trading at $68,197.51, posting a 1.76% increase in 24-hour trading volume, according to CoinMarketCap data.