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Canada’s Department of Finance is pushing for a sweeping ban on Bitcoin and crypto ATMs, aiming to curb a growing number of scams that target Canadians—particularly seniors and other vulnerable people.
In an economic update released on Wednesday, the government described crypto ATMs—machines that allow customers to exchange cash for digital assets—as “a primary method” used by scammers to steal money from victims.
The proposal would effectively order a nationwide shutdown of self-service kiosks commonly found at gas stations and convenience stores. While provinces such as Quebec have required crypto ATM operators to secure licenses as money-services businesses (MSBs), the federal plan would supersede those localized frameworks by banning the machines outright.
The government said the measure would still allow Canadians to purchase digital assets from brick-and-mortar MSBs. Under the proposal, these businesses would be required to maintain a physical office space with employees present during business hours to manage compliance and operations.
The Department of Finance pointed to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), saying the regulator has been proactive in cracking down on MSBs to thwart money laundering, terrorism financing, and sanctions evasion.
In March, FINTRAC revoked licenses for 84 MSBs. The regulator’s website indicated that around 70 of the affected companies were involved in the “transfer of virtual currency,” including ATM Token Financial.
Canada is home to nearly 4,000 crypto ATMs, according to Coin ATM Radar. More than a quarter of those machines are clustered around Montreal, Canada’s second-largest city.
For comparison, the U.S. has more than 30,000 crypto ATMs.
The government said scammers often impersonate government officials, law enforcement, or tech support to trick victims into depositing cash into crypto ATMs. After the cash is converted—often under pressure—victims are then directed to send the money to the criminal’s wallet.
In the U.S., FBI figures released this month showed that Americans over the age of 60 lost $257 million to scams involving crypto ATMs last year, a 58% increase year-over-year.
Indiana has outlawed crypto ATMs, while Tennessee has passed a bill that is set to take effect on July 1.
Other countries have also moved against crypto ATMs. New Zealand announced a ban on crypto ATMs last year, citing efforts to stifle money laundering.
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