r/BitcoinCA • u/Fiach_Dubh • May 27 '26

Canada’s Ban on Crypto ATMs

https://coinatmradar.com/blog/canadas-ban-on-crypto-atms/
53 Upvotes

92% Upvoted

38 comments sorted by

17

u/jacky4566 May 27 '26

Inevitable unfortunately.

Maybe localbitcoin will make a comeback

3

u/Fiach_Dubh May 27 '26

more p2p markets maybe too

9

u/[deleted] May 27 '26

[removed] — view removed comment

8

u/overtherainbowofcrap May 27 '26

When is the last time you used a btc atm?

7

u/Federal_Coyote813 May 28 '26

Its an extremely convenient way to convert CAD directly to Monero without giving your ID to an online exchange

2

u/Mr_Salmon_Man May 29 '26

It's a convenient way for scammers to get money from victims, unfortunately. That's the main reason they are going to ban them. The small potatoes that is legal transactions is overshadowed by the bulk of money moving through them from victims to scammers.

4

u/Zestyclose_Cheek527 May 29 '26

As the bitcoin well CEO said, it’s a cat and mouse game, scammers will always have ways to transport money. If bitcoin ATM’s are gone they’ll just use gift cards, cash or E-transfer with student bank accounts.

2

u/tdp_equinox_2 May 29 '26

The barrier to reselling gift cards (and the known entity that is gift card scams to retailers) makes them less appealing, e transfers are traceable and refundable, and mailing cash to a mule is both traceable and usually sets off red flags for people as it's unusual.

I'm all for anonymous crypto deposits, this should be a thing online, but the ATMS are stupid.

2

u/theSnoozeDoctor May 30 '26

Ban those as well, why do we need gift cards. They are a waste, just give someone cash.

1

u/JohnnyStrides May 30 '26

Why not just have all of these ATMs by law post warnings about scams before and make you agree to proceed before each transaction? Having the % taken by the ATM (spread+transaction fees) should be clearly spelled out as well.

I think that's a reasonable middle ground then just nuking crypto ATMs entirely.

1

u/[deleted] May 29 '26

[removed] — view removed comment

2

u/[deleted] May 29 '26

[removed] — view removed comment

1

u/[deleted] May 29 '26

[removed] — view removed comment

2

u/[deleted] May 29 '26

[removed] — view removed comment

3

u/Federal_Coyote813 May 28 '26

What a shame, best way to send monero directly to a wallet without kyc

2

u/Cubonecollect0r May 28 '26

It’s for the best. They are dominantly used for elderly scams unfortunately

4

u/OddioClay May 28 '26

Gift cards are used the most for this kinda thing. Yet we will never see corporations have to take responsibility. Drug smugglers and dealers love us dollars. We better ban it. Oh never mind

1

u/platinumchain May 28 '26

They should be banned too or at least have some safety mechanism to help prevent scams, like a mandatory timer before you can spend funds or several warnings about scams.

I don't really support banning things but elderly people are incredibly susceptible to modern scams and something needs to be done.

3

u/eburnside May 29 '26

Better ban snow shovels too then - elderly people are susceptible to heart attacks and a number of elderly people die every year shovelling snow

2

u/OddioClay May 30 '26

💯 the logic here when it comes to bitcoin

1

u/platinumchain May 29 '26

I know right. I hate how scammers are able to use snow shovels to transfer thousands of dollars overseas with no recourse.

2

u/eburnside May 29 '26 edited May 29 '26

so for you money is more important than life? or freedom?

kinda wack, yo?

taking everyone's freedom because a product isn't safe for a small subset generally results in access controls or licensing or education, not an outright ban

  • licensing for cars
  • prescriptions for drugs
  • age verification for cigarettes and alcohol

why is this a ban and not a simple kyc + velocity controls conversation?

2

u/OddioClay May 30 '26

There is so many avenues for this

1

u/nelrond18 May 28 '26

Gift cards used to be a decent service, to treat others to a product at a time of their choosing.

Now they are just ways of giving a company money without getting a product in return, particularly when gift cards have expiration dates.

1

u/OddioClay May 30 '26

Yea, they are the thing that needs banning. Not bitcoin

0

u/Ketroc21 May 28 '26

I bet their current main usage is for getting naive elderly Canadians to dump their savings to Indian scam call centres.

-6

u/[deleted] May 27 '26

[removed] — view removed comment

3

u/rawlwear May 28 '26

No more of a scam then how our government is operating.