Gate News message, April 29 — Canada’s federal government plans to ban cryptocurrency ATMs following a surge in fraud cases, according to details outlined in the Spring Economic Update 2026. The country currently hosts nearly 4,000 crypto ATMs, the highest number per capita globally, yet authorities have not introduced industry-specific regulations for these machines.
Investigations by CBC News identified crypto ATMs as a central tool in scams across the country, enabling fast transfers without requiring a bank account. Transactions under $1,000 typically need only a phone number and involve no direct human interaction, limiting opportunities to detect suspicious activity. Canada’s financial intelligence agency, FINTRAC, reached similar conclusions in a February 2023 review, identifying crypto ATMs as a recurring method for moving funds linked to fraud schemes. The government confirmed Canadians would still be able to purchase digital assets through regulated channels, including brick-and-mortar money services businesses already subject to existing oversight frameworks.
Simultaneously, lawmakers advanced Bill C-25, the Strong and Free Elections Act, which passed its second reading in the House of Commons. The bill prohibits political parties, candidates, and third-party advertisers from accepting cryptocurrency donations, citing challenges in verifying donor identities and tracking fund origins. Contributions must be returned or redirected within 30 days. The measure has garnered support from multiple political groups, including Conservatives, with discussions focused on implementation rather than core objectives.
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