This scam is coming for someone you love.
- "It's the CRA. Pay today or police come tonight."
- "Grandma, it's me. I'm in jail and need bail."
- "Put $5,000 in crypto. I'll double it in a week."
Many are told to pay at a Bitcoin ATM. The money is almost never recovered.
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What people against the ban say, and the facts
“This is an attack on Bitcoin.”
It's not. The ban covers the machines only. The federal government says Canadians can keep buying crypto through regulated online platforms and in-person businesses.
“Just regulate them. Licensing is enough.”
Crypto ATM operators already have to register with FINTRAC as money services businesses. The scams kept happening. Studies cited by the federal government link 85 to 98% of crypto ATM transactions to illicit activity.
“People without bank accounts need them.”
Regulated in-person businesses can still sell crypto for cash, with a real person and ID checks. That person can also spot a scam in progress. A kiosk can't.
“People should just know better.”
Scammers pose as police, the CRA or a grandchild in jail, and push people to act in minutes. Smart people fall for it. The ATM is the one step a ban can take away.
“Store owners will lose kiosk rent.”
A monthly rent cheque for a store doesn't outweigh families losing their savings at these machines.
“Other countries allow them.”
More and more don't. New Zealand plans a ban, the UK has effectively shut them down through licensing, and Indiana and Tennessee have banned them.
“Too many Canadians—especially seniors and vulnerable people—are being targeted by scams and financial crime.”
No real government agency, bank or police officer will ever ask you to pay at a Bitcoin ATM. If someone does, it's a scam. Hang up.