News

Will Vancouver ban bitcoin ATMs?

June 6, 2019

Known to some as "ideal money-laundering vehicles," bitcoin ATMs may soon be banned in Vancouver, Canada, if Mayor Kennedy Stewart has anything to say about it.

The city council passed a motion in January to add a bylaw to "Regulate the use and operation of cryptocurrency ATMs, including the requirement for a business license, requirement for signage to advertise common frauds, requirement for identifications to be used to verify the sender and receiver of funds and requirement of security features," according to a report from The Star.

The measure may not be harsh enough for Kennedy, who said during a May 28 council meeting that the city may try to ban the machines and that his staff is researching the issue and will report back later this year.

Cryptocurrency ATMs, which are not covered by federal anti-money-laundering regulations, have been used to commit fraud and would be ideal tools to launder the proceeds of crime, according to the Vancouver Police Department.