- Canadian authorities believe that crypto ATMs have become a major channel for fraudsters.
- The country accounts for 10,1% of all cryptocurrency ATMs in the world, second only to the United States.
The Canadian government has proposed banning cryptocurrency ATMs, arguing that they have become a primary channel for fraudsters and money launderers rather than a convenient payment method for ordinary users.
Crypto ATMs are the primary way scammers defraud victims and criminals cash out the proceeds of their crimes, written in the report “Spring Economic Review 2026”.
Under the government’s proposal, Canadians will still be able to purchase digital assets at brick-and-mortar financial institutions, but the stand-alone kiosks that have popped up in malls, gas stations, and convenience stores will be phased out.
Distribution of cryptocurrency ATMs by continent and country
Interestingly, the world’s first crypto ATM appeared in Vancouver back in 2013. This means Canada can be considered the birthplace of such devices. According to According to Coin ATM Radar, the country accounts for 10,1% of all cryptocurrency ATMs worldwide, second only to the United States. The United States has also recently begun combating crypto ATM fraud. Happy Coin News Wrote, that the country’s authorities accused the device operator of laundering $10 million.
Famous Block-detective Zach XBT right He accused American operator BitcoinATMs are complicit in scams targeting the elderly. Furthermore, the exchange rate difference when purchasing cryptocurrency can reach $30,000, which is pure predatory practice.
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