Crystal

Major

Albuquerque, the most populous city in <a href="https://www.thestreet.com/crypto/markets/aliens-go-on-a-bitcoin-buying-spree" rel="noopener noreferrer nofollow">New Mexico</a>, has cemented its place in global pop culture as the setting for two of the 21st century’s most acclaimed television dramas,&nbsp;"Breaking Bad" and&nbsp;"Better Call Saul."
These shows put a spotlight on the city that is already well-known for its restaurants. In fact,&nbsp;Albuquerque has become a pilgrimage of sorts for fans of the shows.
As per the U.S. government's <a href="https://www.census.gov/quickfacts/albuquerquecitynewmexico" rel="noopener noreferrer nofollow">official census data</a>&nbsp;as of July 1, 2025,&nbsp;the city had an estimated population of&nbsp;556,588, of which 17.7% are aged 65 and above.
The city's authorities recently took a bold step targeting crypto ATMs as they claimed that the locals, especially the elderly, are falling prey to crimes.
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 ‘Crypto must earn trust’: Crystal Intelligence CEO on scams and security (5:25)
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<h2 id="albuquerque-bans-crypto-atms">Albuquerque bans crypto ATMs&nbsp;</h2>
Albuquerque's&nbsp;<a href="https://www.cabq.gov/planning/news/new-virtual-currency-ordinance-goes-into-effect" rel="noopener noreferrer nofollow">Virtual Currency Ordinance</a> went into effect on&nbsp;Oct. 21,&nbsp;prohibiting crypto TMs and cashier-facilitated virtual currency transactions within the city.
A crypto ATM is a kiosk where a user can buy Bitcoin (BTC), <a href="https://thestreet.com/crypto/ethereum" rel="noopener noreferrer nofollow">Ether</a> (ETH), <a href="https://www.thestreet.com/crypto/xrp" rel="noopener noreferrer nofollow">XRP</a>, etc., with cash or a credit card. Some ATMs even let users&nbsp;send crypto from their wallet to the machine's address to receive physical cash.
But&nbsp;Mayor Tim Keller said&nbsp;Albuquerque is banning these crypto ATMs because scammers are using them to steal money from people.
As per the ordinance, these kiosks have increasingly been used in impersonation scams and coercive payment schemes, with&nbsp;older people and other vulnerable populations among those disproportionately targeted.
Once&nbsp;a scam victim’s cash is converted to cryptocurrency and transferred, it is nearly impossible to recover those funds.
The ordinance requires existing crypto ATMs to&nbsp;immediately&nbsp;cease&nbsp;operations and be physically removed by Dec. 5, 2026.
The ordinance also prohibits property owners, landlords, and retailers from hosting these kiosks.&nbsp;Those failing to company&nbsp;may face a&nbsp;daily fine of $500 and revocation of business license.
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 “Anyone with a virtual currency ATM needs to shut it down and get rid of it ASAP or we will revoke your business license and close your entire business,"&nbsp;said Planning Department Director Alan Varela.&nbsp;"The State and the City are coordinating our enforcement efforts to prevent people from getting swindled, and there will be no mercy for violators.”
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The notice clarified that the ordinance doesn't prohibit&nbsp;Albuquerque residents from lawfully owning, mining, and privately transferring cryptocurrency through exchanges and personal digital wallets.
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<h2 id="billions-of-dollars-getting-lost-to-crypto-crimes">Billions of dollars getting lost to crypto crimes</h2>
The Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center (IC3) division <a href="https://www.ic3.gov/AnnualReport/Reports/2025_IC3Report.pdf" rel="noopener noreferrer nofollow">received</a>&nbsp;181,565 crypto-related complaints&nbsp;in 2025&nbsp;that led to a loss of over $11.36 billion.
Individuals aged 60 and above filed&nbsp;42,271 of these complaints who lost $4.34 billion to crypto crimes.
Crypto complaints accounted for 72% of investment scams, 25% of romance scams, 28% of extortions, 43% of customer support scams, and 40% of government impersonation scams.
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 Top Reported Transaction Types in Fraud, Source: FBI's IC3
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The IC3 received&nbsp;13,460 complaints related to crypto ATM frauds in 2025 which cost victims&nbsp;$389 million.&nbsp;Individuals aged 60 and above made 6,188 of these complaints who lost $257.46 million.
A total of 914 New Mexico residents made crypto crime-related complaints worth a loss of&nbsp;$45.22 million&nbsp;last year.&nbsp;109 of these <a href="https://www.ic3.gov/PSA/2026/PSA260515-2" rel="noopener noreferrer nofollow">complaints</a> were related to crypto ATM scams in which people lost $2.26 million.
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'Breaking Bad' city takes drastic step to fight crime

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