The Canadian federal government announced plans to ban cryptocurrency ATMs in its spring economic update released Tuesday to protect Canadians from fraud. The government defines cryptocurrency ATMs as a primary means for fraudsters to defraud victims and for criminals to transfer illicit funds. Previous analysis by FINTRAC showed that cryptocurrency ATMs have become a major channel for fraudsters to access victims' funds in Canada. Because these devices do not require bank accounts and lack human verification, fund transfers are rapid and difficult to trace. Currently, Canada has nearly 4,000 cryptocurrency ATMs, the highest per capita ownership in the world. The Canadian government stated that this measure aims to better protect Canadians from illicit activities while they purchase virtual currencies through physical money services. Previously, countries such as the UK, New Zealand, and Australia have implemented restrictions or bans on cryptocurrency ATMs.