Coral Springs Commission moves toward citywide crypto ATM ban as first vote is scheduled for Wednesday
Coral Springs, Florida – Cryptocurrency ATMs could soon be removed from stores and other public locations across Coral Springs as city officials consider a proposed ban following hundreds of thousands of dollars in reported scam losses.
The Coral Springs City Commission is scheduled to hold a public hearing and take the first of two votes on the proposed ordinance at 6:30 p.m. Wednesday at City Hall, located at 9500 W. Sample Road.
If the proposal clears its first vote, commissioners are expected to consider it again on Oct. 21.
The measure would make it illegal to install, operate or host a cryptocurrency ATM at any location in Coral Springs that is open to the public. Police Chief Brad Mock is scheduled to present the proposal during the commission meeting, according to the published agenda.
The push for a ban follows a series of scams involving the machines.
According to the proposal, victims in Coral Springs have lost more than $320,000 during the past two years after scammers directed them to crypto ATMs to send money.
A Coral Springs Police Department analysis found that more than half of the victims were older than 60. The information cited in the proposal also shows that in 44% of the cases, victims were directed to deposit money into a machine more than once.
Crypto ATMs can look similar to traditional bank machines, but they operate differently. Users can insert cash, convert that money into cryptocurrency and transfer the funds to a digital wallet.
That process can create major problems when the person making the transaction is being scammed.
Once cryptocurrency is transferred to another digital wallet, recovering the funds can be difficult or impossible. According to the city proposal, the victim, the bank and law enforcement may not be able to get the money back after it has been sent.
The problem is not limited to Coral Springs.
Nationwide, the FBI received more than 10,956 complaints involving crypto ATMs in 2024. Those cases resulted in approximately $246.7 million in reported losses, according to a notice issued by the U.S. Treasury Department’s Financial Crimes Enforcement Network.
Coral Springs currently has between 13 and 16 crypto ATMs, based on a police presentation prepared for commissioners in August.
If the ordinance receives final approval, most existing machines would have to be removed within 60 days.
There would be an exception for machines operating under certain existing contracts. A machine covered by a written agreement signed on or before Aug. 25 could remain until the contract expires or Aug. 25, 2027, whichever happens first.
The proposed law would also give the city several options for enforcement.
A violation notice could be issued to the company operating the machine, the business hosting it or the owner of the property where the crypto ATM is located.
Every machine would be treated as a separate violation. Fines could also continue to accumulate for each day that a machine remains in place after it is required to be removed.
Despite the proposed restrictions, the ordinance would not ban cryptocurrency in Coral Springs.
Residents would still be allowed to own, purchase or sell cryptocurrency. Transactions made through phones, computers or other devices would remain legal, and local businesses could continue accepting cryptocurrency as payment directly at the register.
The proposed city restrictions come as Florida prepares to impose new statewide limits on transactions conducted through crypto ATMs.
A state law scheduled to take effect Jan. 1 will limit new customers to $2,000 in crypto ATM transactions per day. Existing customers will have a higher daily limit of $10,000.
Coral Springs officials are now considering whether those statewide limits go far enough or whether publicly accessible machines should be removed from the city entirely.
The first decision comes Wednesday evening, when commissioners will hear the proposal, allow public discussion and cast their initial votes.
If the ordinance advances and later receives final approval, Coral Springs would begin a process that could eventually eliminate the city’s publicly accessible crypto ATMs while leaving other forms of cryptocurrency use untouched.
