%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Cryptoprowl / Canada is proposing to ban crypto automated teller machines (ATMs) nationwide as incidents of fraud and money laundering rise across the country. Citing growing evidence that the ATMs have become a tool for crypto scammers, Canada’s Liberal government in Ottawa is proposing to eliminate the crypto machines. The government of Canadian Prime Minister Mark Carney describes the machines as a “primary method” for defrauding victims and laundering money. A crypto ATM works differently from a traditional cash machine that dispenses money from a person’s bank account. Instead of withdrawing cash, crypto ATMs let users convert physical cash into cryptocurrencies such as Bitcoin (CRYPTO: $BTC ), which can then be sent to a digital wallet around the world. The proposed ban in Canada comes amid growing concerns from law enforcement and regulators that crypto ATMs have become central to fraud schemes and money laundering. A 2023 internal analysis by Canada's financial intelligence agency found that Bitcoin ATMs are likely to remain the primary method that criminals use to collect and launder money. Somewhat ironically, Canada was home to the first Bitcoin ATM, which was installed in a Vancouver, British Columbia coffee shop back in 2013. BTC is currently trading at $77,000 U.S., the same level it has been at for the past 24 hours.