Canada proposes crypto ATM ban over scams and money laundering

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Spring Economic Update 2026. Source: Government of Canada Since then, the country has grown into one of the most crypto-ATM-dense markets globally, a status regulators say has given it disproportionate exposure to fraud. Coin ATM Radar data estimates that Canada accounts for 10.1% of global crypto ATMs, second only to the United States. A months-long CBC investigation and internal Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) analysis posted April 28 found that crypto ATMs have become the principal method used by domestic and foreign criminal fraudsters to extract money from Canadian scam victims and push those funds into the crypto ecosystem. Law enforcement agencies told CBC they have seen a clear uptick in cases where victims are instructed to feed cash into these machines under the guise of paying tax debts, securing romance relationships or recovering hacked accounts. Related: Canada revokes 47 crypto money licenses, vows to continue The proposed ATM ban sits within a broader effort to tighten controls around high-risk corners of Canada’s crypto market while drawing core infrastructure more firmly into the regulatory perimeter. Crypto ATM distribution by continents and countries. Source: Coin ATM Radar The same Spring Economic Update bolsters a new Financial Crimes Agency and gives FINTRAC more tools to refuse or revoke registrations for non-compliant money services businesses, including crypto companies. In parallel, Ottawa has enacted a federal stablecoin framework in Bill C-15 that makes the Bank of Canada the supervisor and requires fiat-referenced issuers to register, fully back reserves and redeem at par, with most rules kicking in after regulations are finalized ahead of an expected 2027 start date. Lawmakers are also advancing Bill C-25 to bar cryptocurrency donations in federal politics over concerns about traceability and foreign interference, as the country adopts a regulation-first approach to target retail-facing abuse risks and pull core digital asset rails under federal oversight. Magazine: Bitcoin will not hit $1M by 2030, says veteran trader Peter Brandt

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