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Canada has nearly 4,000 crypto ATMs, the highest concentration per capita in the world.
Canada plans to ban all crypto ATMs, citing their use as a primary tool for fraud.
KEY POINTS
- FINTRAC's internal analysis confirmed crypto ATMs remain fraudsters' main method for laundering scam proceeds.
- Some ex-employees allege crypto ATM operators might not be profitable without fraud-related transactions.
- The ban targets unattended cash-to-crypto pipelines, still permitting purchases through regulated businesses.
- Canada's approach is more comprehensive than the UK's and Australia's indirect controls and is a global first.
COMPANIES
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