Canada plans to ban crypto ATMs: 4,000 machines, a G7 first, with FINTRAC data defining the policy logic

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The Canadian federal government announced in its spring fiscal update on April 28 that it plans to legislate a total ban on crypto ATMs within the country, citing that the machines have become "a primary tool for scammers to defraud victims and for criminals to launder money." Canada currently hosts nearly 4,000 crypto ATMs, ranking first in the world by per capita density. If passed, this would be the first comprehensive ban among G7 nations; however, the proposal is currently in the fiscal update stage and must still complete the legislative process before actual removal. (Previous coverage: Australia strengthens crypto ATM regulation: $5,000 AUD cash transaction limit, dual upgrades to KYC and monitoring) (Background: Crypto ATMs become new tools for fraud: 28,000 locations across the US, $240 million lost in six months) In the spring fiscal update released on April 28, the Canadian federal government formally declared its plan to legislate a nationwide ban on crypto ATMs—the toughest national-level regulatory action among the G7 to date. Official documents characterize crypto ATMs as "a primary tool for scammers to defraud victims and for criminals to cash out proceeds of crime," based on a systematic analysis of suspicious transaction reports conducted by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) in February 2023. Canada currently has nearly 4,000 crypto ATMs, ranking first globally in per capita density and second only to the US in absolute numbers. These machines are distributed in convenience stores, gas stations, and shopping malls, allowing anyone to purchase cryptocurrencies like Bitcoin with cash without a bank account. The problem lies here: transactions are completely anonymous, irreversible, and nearly impossible to track once completed. Scammers skillfully exploit this feature, using investment scams, romance scams, or tech support scams to instruct victims to go to a nearby crypto ATM to transfer funds. Victims often realize they have been scammed only after the funds have already disappeared into anonymous addresses on the blockchain. FBI data shows that in 2025, losses from crypto ATM fraud in the US reached $333 million, a year-on-year increase of 57%. Notably, the ban does not completely cut off the channels for Canadians to purchase cryptocurrency. The federal government explicitly stated that the public can still purchase crypto compliantly through licensed brick-and-mortar MSBs—the difference being that these operators are subject to KYC (Know Your Customer) and anti-money laundering regulations, and are no longer anonymous cash black holes. Accompanying the ban, the government also announced a series of supporting funds: - Investing $352.7 million CAD (over 5 years) to establish a Financial Crimes Agency, introducing a dedicated federal law enforcement body. - Allocating an additional $17.9 million CAD (over 4 years) to FINTRAC to detect illicit financing related to fentanyl trafficking and extortion, and to advance an AI monitoring roadmap. In fact, FINTRAC has already taken action this year—since 2026, it has revoked the licenses of 50 money services businesses, 47 of which are crypto-related, including exchanges and wallet services. The Canadian ban announcement is undoubtedly another heavy blow to North American crypto ATM operators already under intense regulatory pressure. Bitcoin Depot, the largest crypto ATM operator in North America (with approximately 9,700 machines), warned this year that due to new state regulations, its crypto ATM business is expected to decline by 30-40% in 2026. On March 9, the Connecticut Department of Banking issued a cease-and-desist order against Bitcoin Depot, alleging violations of state money transmission laws, excessive fees, and failure to provide refunds to fraud victims. The Minnesota legislature is also considering a bill to completely ban crypto ATMs. Another operator, CoinFlip (with over 5,500 machines across the US), has taken a different approach, actively lobbying regulators to "establish regulations" rather than "impose a total ban." Their proposals include data analysis interception mechanisms for high-risk transactions and mandatory, prominent fraud warnings on the machines. From a global regulatory perspective, Canada's national-level ban is indeed a watershed moment. Australia, which also faces crypto ATM fraud issues, has seen its regulator AUSTRAC take enforcement actions against non-compliant operators and set a $5,000 AUD limit per transaction, but it has not gone as far as a total ban. The UK plans to regulate crypto firms through an FCA licensing regime by September 2026, following a path of "management" rather than "prohibition." Canada's move surpasses these two comparable English-speaking democracies in terms of regulatory strictness. The most pressing question now is: will the US follow suit? Several US states are already discussing similar bans (including Minnesota and Tennessee), while

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