Ninja’s, it’s sad to see that a system created for the convenience of cryptocurrency users is now being used to launder money, as a result of this crypto ATMs are seen as ideal for money laundering.
Hopefully, the Canadian government will devise a way to put an end to money laundering with Bitcoin ATMs without limiting the services that can be made by a legitimate user or completely banning them.
Due to the increase in the number of money laundering cases, Kennedy Stewart the mayor of Vancouver has suggested a complete ban of Bitcoin, local business owners and experts suggested that federal money services regulations be changed to include Bitcoin ATMs.
A police report claimed that a criminal could purchase a Bitcoin ATM for a few thousand dollars, and then deposit cash into the ATM “as many times as required” to either make a profit or eliminate the transaction fees.
There 694 functioning cryptocurrency ATMs in Canada and 76 of them are in Vancouver, many of the 76 registered cryptocurrency ATMs in Vancouver have had various limits imposed on their usage. The authorities also stated that they expect to receive about 840 reports tied to cryptocurrency this year, that’s a 300% increase since 2018.
What’s your take on this? Let’s discuss…