Coinpaper 2026-04-29 15:41:18

Canada Moves to Ban Crypto ATMs After Fraud Surge

Canada plans to ban all crypto ATMs after federal officials linked the machines to fraud, money laundering and other financial crimes. The proposal appeared in Canada’s Spring Economic Update 2026. The government said crypto ATMs allow scammers to defraud victims and help criminals move cash into the financial system. The measure is part of a wider plan to fight money laundering, terrorist financing, sanctions evasion and fraud. However, the official update describes the ban as a proposal, not as a rule already in force. Canada Crypto ATM Ban Targets Fraud Risks The Canadian government said crypto ATMs create a direct path between cash and digital assets. That has made the machines a useful tool for fraud schemes, according to federal officials. Scammers often pressure victims to withdraw cash and deposit it into Bitcoin or crypto ATMs. Once victims send the funds, they may not be able to recover the money. Canada’s Financial Consumer Agency has warned that fraudsters may ask for payment through crypto ATMs. These scams can start through online ads, social media posts, fake websites or direct messages. The Canadian Anti-Fraud Centre said Canadians lost more than $704 million to fraud in 2025. It also said reported fraud losses have passed $2.4 billion since 2022. However, the agency says most fraud still goes unreported. It estimates that only 5% to 10% of fraud cases reach official channels. Wider Financial Crime Crackdown Continues The crypto ATM ban sits inside a larger federal effort to tighten financial crime controls. Canada also plans stronger rules for money services businesses and wider enforcement powers. Finance Canada had already flagged crypto-related risks before the budget update. In March 2026, the department said crypto money services businesses and crypto ATMs can help facilitate money laundering and fraud. Canadian police have also reported fresh crypto ATM scam cases. In April 2026, Salmon Arm RCMP said scammers posed as government officials and told victims to deposit cash into Bitcoin ATMs. One victim in that case lost $11,900, according to police. The warning showed how scammers use pressure and official-sounding claims to move victims quickly. FINTRAC, Canada’s financial intelligence agency, has also increased scrutiny of crypto-related businesses. Its public records show a $176.9 million penalty against Xeltox Enterprises Ltd., also known as Cryptomus, for thousands of alleged compliance violations. The company appealed the penalty. The government has not yet confirmed when the crypto ATM ban would begin. It also has not published final penalties, operator rules or a transition period.

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