"Crypto ATMs, which allow customers to deposit cash and convert it into cryptocurrency, have become the main vehicle fraudsters use to get money from scam victims across Canada."
"Funds are sent quickly, a bank account isn't required, and most transactions only require a phone number if depositing under $1,000, making them appealing to fraudsters."
"Canada has the most crypto ATMs per capita in the world, with nearly 4,000 machines operating legally, yet there are currently no industry-specific regulations."
The federal government intends to ban crypto ATMs, citing their use by scammers to defraud victims. Crypto ATMs allow users to deposit cash and convert it into cryptocurrency, facilitating quick transactions without bank accounts. An investigation revealed these machines are a primary method for fraudsters in Canada, with financial intelligence agency FINTRAC confirming their role in suspicious transactions. Canada has the highest number of crypto ATMs per capita globally, yet lacks specific regulations governing their operation.
Read at www.cbc.ca
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