Canada moves to ban crypto ATMs amid rising fraud concerns

Canada is planning to ban cryptocurrency ATMs as part of a wider effort to combat fraud and money laundering, officials say.

The proposal, included in the country’s 2026 Spring Economic Update, targets machines that authorities describe as a key tool used by scammers to defraud victims and move illicit funds, News.az reports.

Government officials say crypto ATMs have become a primary method for fraud, allowing criminals to quickly convert cash into digital assets with limited oversight.

Canada currently hosts thousands of such machines, making them a significant focus for regulators seeking to reduce financial crime.

Investigations have shown that the machines are frequently used in scams, with victims often instructed to deposit cash into ATMs and transfer funds to wallets controlled by fraudsters.

Despite the proposed ban, authorities say people will still be able to buy cryptocurrencies through regulated services such as licensed money service businesses, meaning access to digital assets will remain available.

The move is part of a broader crackdown on financial crime, as Canada strengthens enforcement measures to address growing risks linked to digital finance.

News.Az 

By Faig Mahmudov