Canada has proposed banning crypto ATMs nationwide as part of measures unveiled in the federal Spring Economic Update 2026.
The government described the machines as a key tool used by scammers to defraud victims and launder illicit cash proceeds.
“To protect Canadians by shutting down a primary method for scammers to defraud victims and for criminals to place their cash proceeds of crime, the Spring Economic Update 2026 proposes to ban crypto ATMs,” the text reads.
There are nearly 4,000 cryptocurrency ATMs operating in Canada, according to figures cited in CBC. That gives the country the highest concentration of crypto ATMs per capita worldwide.
The proposed ATM ban is positioned as a public safety measure. Canadians would still be able to access services through money services businesses (MSBs), including purchasing digital assets at physical locations, while reducing the sector’s exposure to illicit activity.
Meanwhile, Canadian lawmakers are separately advancing legislation to bar political campaigns from accepting cryptocurrency donations
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Canada Joins a Broader Crypto ATM Crackdown
Canada is not the first country to clamp down on cryptocurrency ATMs. The UK’s Financial Conduct Authority ordered crypto ATMs to shut down in 2022.
The regulator ruled that none had registered to operate legally. Australia also intensified oversight in 2025.
Meanwhile, the United States is grappling with similar fraud patterns. Americans lost more than $333 million through scams routed via Bitcoin ATM machines in 2025.
It marked a sharp jump from roughly $250 million the year before. Older Americans accounted for the majority of reported victims.
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