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The Canadian federal government plans to ban cryptocurrency ATMs to combat fraud.
Golden Finance reports that on April 29th, the Canadian federal government announced in its Spring Economic Update report released this week that it plans to ban cryptocurrency ATMs to protect citizens from scams. The government defines cryptocurrency ATMs as the main means for scammers to defraud victims and for criminals to transfer illegal funds.
FINTRAC previously analyzed that cryptocurrency ATMs have become a primary channel for scammers in Canada to obtain victims’ funds. Because such devices do not require bank accounts and lack manual review, fund transfers are rapid and difficult to trace. Currently, Canada has nearly 4,000 cryptocurrency ATMs, ranking first in the world in per capita ownership. The Canadian government stated that this measure aims to ensure that citizens purchase virtual currencies through physical currency service businesses while better preventing illegal activities. Previously, countries such as the UK, New Zealand, and Australia have implemented restrictions or bans on cryptocurrency ATMs.