San Antonio City Council Takes Action Against Cryptocurrency Scams with New Signage Ordinance

San Antonio City Council Takes Action Against Cryptocurrency Scams

San Antonio, TX — In a decisive move to protect residents from the rising tide of cryptocurrency scams, the San Antonio City Council unanimously passed an ordinance on Thursday mandating that businesses operating cryptocurrency kiosks, such as Bitcoin ATMs, display warning signs about common fraud tactics.

District 7 Councilwoman Marina Alderete Gavito hailed the initiative as a “simple, yet impactful step” aimed at safeguarding the community from potentially devastating financial losses. The ordinance comes in response to a significant uptick in scams, particularly those targeting vulnerable populations, including seniors.

“By requiring warning signs at these kiosks, we are giving people a critical moment to pause, recognize the warning signs of fraud, and avoid devastating financial losses,” said District 5 Councilwoman Teri Castillo in an emailed statement. She noted that scammers often impersonate law enforcement or government officials, directing victims to transfer cryptocurrency under false pretenses.

The ordinance, which will take effect on July 1, was the result of a special session on cryptocurrency fraud prevention requested by Castillo, Alderete Gavito, and District 10 Councilman Marc Whyte. The session, held on February 25, highlighted the urgent need for public awareness in the face of increasing scams.

The San Antonio Police Department (SAPD) will be responsible for developing the signage, while Code Enforcement will ensure compliance. Businesses that fail to adhere to the new requirement could face fines ranging from $100 to $500.

As cryptocurrency continues to gain popularity, the City Council’s proactive approach aims to educate residents and mitigate the risks associated with digital currencies. With the new ordinance, San Antonio is taking a stand against fraud, ensuring that its residents are informed and protected in the evolving financial landscape.