The Canadian federal government has announced plans to ban cryptocurrency ATMs as part of its 2026 spring economic update, aiming to protect citizens from scams. The government highlighted that these ATMs have become a primary tool for fraudsters to deceive victims and for criminals to transfer funds. Canada currently hosts nearly 4,000 crypto ATMs, making it the country with the highest per capita number of such machines. According to FINTRAC, Canada’s financial intelligence agency, these ATMs have become central channels for money laundering and fraudulent fund transfers.
