By Adam Swift
The city council approved an ordinance that bans cryptocurrency ATMs in public spaces at its meeting on Monday night.
Councilor-at-Large Marc Silvestri introduced the ordinance, which was crafted alongside Claire Inzerillo of the city solicitor’s office. The ordinance will go into effect in 60 days, and calls for fines of up to $300 per day for storeowners or other retailers who violate the ordinance.
“I am proposing a straightforward, essential measure to protect our residents to remove all cryptocurrency ATMS from all publicly accessible locations in Revere,” said Silvestri. “These machines pose significant risk, particularly to people who are older, recent immigrants who have English as a second language, and workers already managing tight budgets. Scammers exploit these ATMs by using intimidation, urgency, and convince people to hand over large sums of money with little time to verify what is happening.”
Silvestri said he recently spoke to one resident who lost hundreds of thousands of dollars in a cryptocurrency scam.
“If passed, this removal would take effect 60 days after we notify operators and store owners, providing a practical window for compliance while prioritizing public safety,” said Silvestri. “The plan includes a formal notice to operators and retailers, a firm removal deadline, and enforcement coordinated by the relevant city departments (inspectional services and the police department).”
The city will also provide a straightforward, multi-lingual information plan about safer financial options and how residents can protect themselves from financial scams.
“The stores who have the ATM get a cut, the scammer gets all the money, and the person that got scammed ends up out of their life savings,” said Silvestri.
Councilor-at-Large Robert Haas III spoke in favor of the ordinance.
“It’s a wild time right now with the scams going around whether it is on email, phone calls, anything like that; but there are a number of scams out there,” said Haas. “Anything that safeguards our residents … is a great thing, so thank you for putting that in.”