The Government of Canada announced its intention to ban cryptocurrency ATMs.
To Protect Canadians
The government of the country called them the main tool for laundering cash obtained illegally.
"To protect Canadians by depriving fraudsters of a primary means to deceive victims and criminals of the ability to launder proceeds from criminal activities, the spring economic review for 2026 proposes banning cryptocurrency ATMs," the published economic review states.
In Demand
Canada has the highest number of cryptocurrency ATMs per capita. There are about 39,000 cryptocurrency ATMs installed worldwide, with 4,000 of them located in Canada.
They are regulated in the country just like any other financial services, such as currency exchange points, regular ATMs, and money transfer services like Western Union.
