🎉 Canada🇨🇦: the government plans to ban crypto ATMs

🎉 Canada🇨🇦: the government plans to ban crypto ATMs

It should be recalled that these devices allow users to deposit fiat cash and convert it into bitcoin and other digital assets. The proposed ban aims, according to authorities, to protect citizens from fraud and scams

📢 Canada currently has nearly 4,000 such terminals, representing the highest number per capita in the world. At the same time, their operation remains largely unregulated, a situation that appears to be raising growing concerns among authorities.

📢 In 2023, the country’s financial intelligence agency, Fintrac, concluded that crypto ATMs had become the primary method used by fraudsters to collect money from scam victims. The agency maintained this position for three years, and the findings of a CBC News journalistic investigation are now also being cited in support of the proposed ban.

📢 Nevertheless, authorities state that individuals wishing to purchase digital currencies will still be able to do so through “traditional money transfer companies”. These include, for example, currency exchange dealers and services such as Money Gram.

📢 Context: in 2025, fraud-related losses exceeded 704 million USD, while total reported losses since 2022 have surpassed 2.4 billion USD. Since many victims choose not to report scams, there are strong reasons to believe these figures reflect only part of the real scale of the problem.

📢 Additional context: the announced intention to restrict crypto ATMs coincides with the second reading of a bill proposing to ban digital currency donations to political parties.

The connection between these developments has generated public discussion.

#news #crypto #scam

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