Canada’s Department of Finance is proposing a nationwide ban on Bitcoin and crypto ATMs, citing their role in a growing number of scams targeting seniors and other vulnerable populations.
The proposal, included in an economic update Wednesday, would require the shutdown of all self-service kiosks - commonly found at gas stations and convenience stores - that allow customers to exchange cash for digital assets. The government describes these machines as a "primary method" for fraudsters.
The measure would still permit Canadians to buy crypto at physical money-services businesses (MSBs) that operate with employees present during business hours.
Canada is home to roughly 4,000 crypto ATMs, with over a quarter concentrated around Montreal. By comparison, the United States has more than 30,000 such machines.
The push follows similar actions in the U.S. Indiana has already outlawed the machines, and Tennessee’s ban takes effect July 1. The FBI recently reported that Americans over 60 lost $257 million to crypto ATM scams last year, a 58% increase from the prior year.