· 5 min read
Payment News
John Winchcombe
· Editor
Canada Looks to Ban Crypto ATMs
The Canadian government is planning to ban Canada’s estimated 4,000 crypto capable ATMs after concluding that they are being used by scammers to defraud users.
Canada has the most crypto ATMs per capita of any country but does not have any industry-specific regulations governing them. Canada’s financial intelligence agency, Fintrac, concluded in 2023 that the ATMs had become a major vehicle for fraudsters to get money from scam victims.
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