Canada Plans Nationwide Crypto ATM Ban

OTTAWA The Canadian federal government announced plans Monday to ban cryptocurrency automated teller machines nationwide as part of broader measures to combat financial crimes outlined in its spring economic statement.

The move targets the roughly 4,000 crypto ATMs operating across the country, the highest number per capita globally, according to finance officials. These machines enable users to buy or sell digital currencies like Bitcoin and Ethereum using cash or debit cards, often with minimal oversight and anonymity that authorities say facilitates money laundering, scams, ransomware payments, fraud, and extortion.

"Criminals are increasingly abusing such money service businesses to launder money, finance terrorism, evade sanctions, and defraud Canadians of their hard-earned savings," the economic statement said. Officials noted that law enforcement faces challenges tracing transactions due to the lack of customer identity verification on many ATMs.

Canadians will still be able to purchase cryptocurrencies from brick-and-mortar businesses, the government said, steering transactions toward regulated channels such as banks and online exchanges that require identity checks. The...