Gate News message, April 29 — Canada’s federal government announced plans to ban cryptocurrency ATMs in its spring economic update released this week, citing their use as a primary tool for fraudsters and criminals. The government aims to protect citizens from fraud and illegal fund transfers through the measure.
According to FINTRAC analysis, crypto ATMs have become a major channel for fraudsters to access victims’ funds in Canada. These machines require no bank account and lack manual oversight, enabling rapid and difficult-to-trace fund transfers. Canada currently operates approximately 4,000 crypto ATMs, the highest per capita ownership globally.
The government stated the measure will ensure citizens can purchase virtual currency through regulated physical currency services while better preventing illegal activities. Other nations including the United Kingdom, New Zealand, and Australia have already implemented restrictions or bans on crypto ATMs.
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