Canada’s Department of Finance has proposed a nationwide ban on Bitcoin and crypto ATMs as part of efforts to curb rising fraud targeting vulnerable individuals.
The proposal would eliminate self-service crypto kiosks, which authorities describe as a primary tool used by scammers, while still allowing in-person crypto transactions at regulated physical locations.
Canada currently hosts nearly 4,000 crypto ATMs, making it the second-largest market globally, but officials argue the machines have become a major channel for financial exploitation.
The government said crypto ATM scams often involve criminals impersonating officials or tech support, pressuring victims into converting cash into digital assets and sending funds directly to fraudulent wallets.
Regulators including Financial Transactions and Reports Analysis Centre of Canada have already intensified enforcement, revoking licences for dozens of money-services businesses linked to virtual currency transfers.
The proposed ban would override existing provincial frameworks, such as licensing requirements in Quebec, and replace them with a uniform national restriction on crypto ATM operations.
Similar crackdowns are emerging globally, with parts of the United States and countries like New Zealand also restricting or banning crypto ATMs amid growing concerns over fraud and money laundering.
At the time of reporting, Bitcoin price was $75,762.85.