The Canadian federal government plans to ban cryptocurrency ATMs in an effort to combat fraud.

CoinFeed reported on April 29th that, according to CBC, the Canadian federal government plans to ban cryptocurrency ATMs to prevent fraudsters from using these machines to defraud Canadians. The Liberal government's spring economic update stated that cryptocurrency ATMs are "a primary means for fraudsters to defraud victims and for criminals to place cash proceeds of crime." A CBC investigation last year found that these machines have become a major tool for fraudsters to extract funds from Canadian victims, a conclusion reached in a February 2023 analysis by the Financial Transactions and Reports Analysis Centre of Canada. Currently, Canada has the world's highest per capita number of cryptocurrency ATMs (nearly 4,000), but there are no specific regulations for this industry.