Canada's Federal Government Plans to Ban All Crypto ATMs
Canada's federal government announced a plan to ban cryptocurrency ATMs on 28 April 2026. The announcement came as part of the Spring Economic Update, a government budget document that outlines new spending and policy measures. The ban has not yet been enacted as law. No effective date has been set.
Canada leads the world in crypto ATM densityA cryptocurrency ATM is a physical kiosk that lets users buy or sell digital currencies such as Bitcoin with cash. Canada operates roughly 4,000 crypto ATMs. That figure gives Canada the highest number of crypto ATMs per capita — that is, per person — of any country in the world. One operator, Localcoin, runs more than 1,000 of those locations across Canada.
"The federal government plans to ban cryptocurrency ATMs as part of a suite of measures in its spring economic update that target financial crimes.", 28 April 2026. — Anja Karadeglija, Staff Reporter, The Canadian Press
Fraud losses drove the government's decisionThe Canadian Anti-Fraud Centre (CAFC) — a federal law enforcement data agency — recorded CAD 14.2 million in fraud losses linked to crypto ATMs in 2024. In the first quarter of 2025 alone, victims reported an additional CAD 4.2 million in losses. The CAFC estimates that only 5 to 10 percent of fraud cases are reported, so total losses are likely higher.
"Fraud victims reported losing $14.2 million to scams involving crypto ATMs in 2024, with this year's losses projected to exceed that, already surpassing $4.2 million in the first quarter of 2025.", 06 October 2025. — Canadian Anti-Fraud Centre, Federal Law Enforcement Data Agency, Government of Canada
Government allocates funds for new financial crimes agencyThe Spring Economic Update also announced a new Financial Crimes Agency. The government allocated CAD 352.7 million over five years to establish the agency. An additional CAD 82.1 million per year will fund its ongoing operations. The new agency forms part of the same package of financial crime measures announced in the Spring Economic Update. A cryptocurrency ATM is a physical kiosk that lets users buy or sell digital currencies such as Bitcoin with cash. Canada operates roughly 4,000 crypto ATMs. That figure gives Canada the highest number of crypto ATMs per capita — that is, per person — of any country in the world. One operator, Localcoin, runs more than 1,000 of those locations across Canada.
"The federal government plans to ban cryptocurrency ATMs as part of a suite of measures in its spring economic update that target financial crimes.", 28 April 2026. — Anja Karadeglija, Staff Reporter, The Canadian Press
Fraud losses drove the government's decisionThe Canadian Anti-Fraud Centre (CAFC) — a federal law enforcement data agency — recorded CAD 14.2 million in fraud losses linked to crypto ATMs in 2024. In the first quarter of 2025 alone, victims reported an additional CAD 4.2 million in losses. The CAFC estimates that only 5 to 10 percent of fraud cases are reported, so total losses are likely higher.
"Fraud victims reported losing $14.2 million to scams involving crypto ATMs in 2024, with this year's losses projected to exceed that, already surpassing $4.2 million in the first quarter of 2025.", 06 October 2025. — Canadian Anti-Fraud Centre, Federal Law Enforcement Data Agency, Government of Canada
Government allocates funds for new financial crimes agencyThe Spring Economic Update also announced a new Financial Crimes Agency. The government allocated CAD 352.7 million over five years to establish the agency. An additional CAD 82.1 million per year will fund its ongoing operations. The new agency forms part of the same package of financial crime measures announced in the Spring Economic Update. "The federal government plans to ban cryptocurrency ATMs as part of a suite of measures in its spring economic update that target financial crimes.", 28 April 2026. — Anja Karadeglija, Staff Reporter, The Canadian Press
Fraud losses drove the government's decisionThe Canadian Anti-Fraud Centre (CAFC) — a federal law enforcement data agency — recorded CAD 14.2 million in fraud losses linked to crypto ATMs in 2024. In the first quarter of 2025 alone, victims reported an additional CAD 4.2 million in losses. The CAFC estimates that only 5 to 10 percent of fraud cases are reported, so total losses are likely higher.
"Fraud victims reported losing $14.2 million to scams involving crypto ATMs in 2024, with this year's losses projected to exceed that, already surpassing $4.2 million in the first quarter of 2025.", 06 October 2025. — Canadian Anti-Fraud Centre, Federal Law Enforcement Data Agency, Government of Canada
Government allocates funds for new financial crimes agencyThe Spring Economic Update also announced a new Financial Crimes Agency. The government allocated CAD 352.7 million over five years to establish the agency. An additional CAD 82.1 million per year will fund its ongoing operations. The new agency forms part of the same package of financial crime measures announced in the Spring Economic Update. Fraud losses drove the government's decisionThe Canadian Anti-Fraud Centre (CAFC) — a federal law enforcement data agency — recorded CAD 14.2 million in fraud losses linked to crypto ATMs in 2024. In the first quarter of 2025 alone, victims reported an additional CAD 4.2 million in losses. The CAFC estimates that only 5 to 10 percent of fraud cases are reported, so total losses are likely higher.
"Fraud victims reported losing $14.2 million to scams involving crypto ATMs in 2024, with this year's losses projected to exceed that, already surpassing $4.2 million in the first quarter of 2025.", 06 October 2025. — Canadian Anti-Fraud Centre, Federal Law Enforcement Data Agency, Government of Canada
Government allocates funds for new financial crimes agencyThe Spring Economic Update also announced a new Financial Crimes Agency. The government allocated CAD 352.7 million over five years to establish the agency. An additional CAD 82.1 million per year will fund its ongoing operations. The new agency forms part of the same package of financial crime measures announced in the Spring Economic Update. The Canadian Anti-Fraud Centre (CAFC) — a federal law enforcement data agency — recorded CAD 14.2 million in fraud losses linked to crypto ATMs in 2024. In the first quarter of 2025 alone, victims reported an additional CAD 4.2 million in losses. The CAFC estimates that only 5 to 10 percent of fraud cases are reported, so total losses are likely higher.
"Fraud victims reported losing $14.2 million to scams involving crypto ATMs in 2024, with this year's losses projected to exceed that, already surpassing $4.2 million in the first quarter of 2025.", 06 October 2025. — Canadian Anti-Fraud Centre, Federal Law Enforcement Data Agency, Government of Canada
Government allocates funds for new financial crimes agencyThe Spring Economic Update also announced a new Financial Crimes Agency. The government allocated CAD 352.7 million over five years to establish the agency. An additional CAD 82.1 million per year will fund its ongoing operations. The new agency forms part of the same package of financial crime measures announced in the Spring Economic Update. "Fraud victims reported losing $14.2 million to scams involving crypto ATMs in 2024, with this year's losses projected to exceed that, already surpassing $4.2 million in the first quarter of 2025.", 06 October 2025. — Canadian Anti-Fraud Centre, Federal Law Enforcement Data Agency, Government of Canada
Government allocates funds for new financial crimes agencyThe Spring Economic Update also announced a new Financial Crimes Agency. The government allocated CAD 352.7 million over five years to establish the agency. An additional CAD 82.1 million per year will fund its ongoing operations. The new agency forms part of the same package of financial crime measures announced in the Spring Economic Update. Government allocates funds for new financial crimes agencyThe Spring Economic Update also announced a new Financial Crimes Agency. The government allocated CAD 352.7 million over five years to establish the agency. An additional CAD 82.1 million per year will fund its ongoing operations. The new agency forms part of the same package of financial crime measures announced in the Spring Economic Update. The Spring Economic Update also announced a new Financial Crimes Agency. The government allocated CAD 352.7 million over five years to establish the agency. An additional CAD 82.1 million per year will fund its ongoing operations. The new agency forms part of the same package of financial crime measures announced in the Spring Economic Update. Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.