Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Since the beginning of the year up to May 4, Canada has seen the installation of an additional 176 cryptocurrency ATMs, resulting in a total increase of 5%, from 3732 to 3904. This marks a record high, according to data from CoinATMRadar.
Operators of cryptocurrency ATMs are expanding their operations within the country, despite the Canadian Ministry of Finance’s proposal to impose a complete ban on these devices. The Ministry has identified cryptocurrency ATMs as a primary tool for fraud and money laundering. Currently, ATM operators in Canada are classified as money services businesses (MSB), and authorities aim to tighten regulations on them in the near future.
Related Posts
In contrast, other major jurisdictions are experiencing a different trend. Since the start of the year, the number of cryptocurrency ATMs in the United States has decreased by 704, bringing the total down to 31,020 devices. As of January, Europe had 1754 ATMs, but by April 1, that number had fallen to 1747.
Cryptocurrency ATMs enable users to deposit cash and convert it into digital assets, including Bitcoin. Users can transfer funds to virtual wallets, often with minimal identity verification—typically, a phone number suffices for small transactions. Criminals frequently instruct victims to deposit cash into ATMs and send funds to addresses controlled by the perpetrators. Unlike banks, there is rarely any follow-up with users of cryptocurrency ATMs regarding suspicious transactions.
In March, reports emerged of scammers posing as the Royal Canadian Mounted Police. These fraudsters contacted individuals who had lost money in fraudulent cryptocurrency schemes, demanding that they transfer digital assets via an ATM to recover their funds.
