The Canadian federal government plans to ban cryptocurrency ATMs to combat fraud.
Odaily reported that the Canadian federal government announced in its spring economic update released this Tuesday that it plans to ban cryptocurrency ATMs to protect citizens from fraud. The government defines cryptocurrency ATMs as a primary means for scammers to defraud victims and for criminals to transfer illicit funds.
According to previous analysis by FINTRAC, cryptocurrency ATMs have become the main channel for scammers within Canada to access victims’ funds. These devices do not require bank accounts and lack manual review, making fund transfers fast and difficult to trace. Currently, Canada has nearly 4,000 cryptocurrency ATMs, ranking first in the world per capita. The Canadian government stated that this measure is intended to ensure citizens can better prevent illegal activities when purchasing virtual currency through physical money service businesses. Previously, countries such as the United Kingdom, New Zealand, and Australia have taken restrictive or banning measures against cryptocurrency ATMs.
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