Canada Moves to Ban Crypto ATMs Nationwide

BlockBeats reported that on April 29 the Canadian federal government said it plans to impose a comprehensive ban on cryptocurrency ATMs as part of efforts to protect the public from scams. The proposal was unveiled in the government's spring economic update, which described crypto ATMs as "a primary tool used by fraudsters to deceive victims and by criminals to launder money." Crypto ATMs let users deposit cash to buy cryptocurrencies such as Bitcoin, which can then be sent to digital wallets anywhere in the world. Ottawa said this has made the machines a key conduit for scammers in Canada to collect victim funds. Canada has nearly 4,000 crypto ATMs—the highest per-capita total globally—while lacking a dedicated regulatory framework for the sector. The government said that even after the ban takes effect, Canadians will still be able to purchase virtual currencies through in-person money service providers.