<p>This study examines the ethical and empirical dimensions of cryptocurrency (crypto) ATM deployment, focusing on fairness in market exchanges and obligations rooted in social contract theory. While crypto ATMs are often marketed as tools for financial inclusion, they have come under growing scrutiny for leveraging information asymmetries, opaque pricing, and predatory fee structures—practices that disproportionately affect marginalized communities. Using data from the Kansas City metropolitan area, we investigate where crypto ATM operators are most likely to place their machines and whether these placements reflect legal but ethically questionable forms of market segmentation. In this context, “operator privilege” refers to the ability of vendors to impose unfavorable terms and pricing structures on certain consumer groups at the point of sale. Our empirical findings challenge prevailing narratives that crypto ATMs primarily target low-income or Black neighborhoods. Instead, we find a disproportionate number of machines in Asian and Hispanic American communities where Black residents are prominent. This geographic clustering raises significant ethical concerns about procedural unfairness, as these communities often face limited financial alternatives, language Barriers, and reduced access to consumer protection. To illustrate the real-world impact, we include a reference transaction showing that the deadweight costs of a one-way crypto ATM trade can exceed 30%—far higher than previously reported. These excessive costs, combined with poor transparency and high rates of fraud, suggest that crypto ATMs may worsen financial outcomes rather than promote inclusion. The findings call for urgent regulatory reform to promote a more equitable and transparent digital financial system.</p>