Key Takeaways:
The Liberal Party’s April 28 update plans a ban on crypto ATMs to stop scammers and illicit cash moves. Canada leads the world per capita with 4,000 machines, while over 39,000 remain active globally. The government and FINTRAC have yet to set a 2026 timeline for enforcing these new licensing rules. Linking ATMs to Financial FraudA 2023 CBC News investigation found the machines have become a leading vehicle for fraud. Canada’s financial intelligence agency, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), reached the same conclusion in a February analysis of suspicious transaction reports. The agency noted that transactions often require little more than a phone number for deposits under $1,000, with no human oversight to spot scams.
