Canada moves to ban crypto ATMs, labeling them as 'primary method' for fraud
The Canadian federal government has announced plans to ban cryptocurrency ATMs, citing their widespread use in fraud and money laundering.
The proposal was included in the country's spring economic update, which described crypto ATMs as a primary tool used by scammers to defraud victims and by criminals to deposit cash proceeds from illegal activity. No timeline or additional details were provided in the document.
Canadians will still be permitted to purchase crypto assets through licensed, brick-and-mortar money services businesses. Canada currently has approximately 4,000 crypto ATMs — among the highest concentrations in the world — and the sector has so far operated without industry-specific regulations.
US Regulator Sues New York State for Prediction Markets Crackdown
The Commodity Futures Trading Commission has filed suit against the state of New York over the state's attempts to restrict prediction markets.
The federal regulator filed the case in the US District Court for the Southern District of New York, seeking a declaratory judgment that the CFTC has exclusive authority to regulate prediction markets. CFTC Chairman Michael Selig stated that New York, like several other states before it, is disregarding federal law and longstanding legal precedent by attempting to apply state gambling statutes to CFTC-registered exchanges.
The lawsuit against New York follows similar actions filed earlier this month by the CFTC against state regulators in Arizona, Illinois, and Connecticut. The move comes in the same week that the New York Attorney General's office brought separate suits against Coinbase and Gemini, alleging that their prediction market platforms violated state gambling laws.
Brazil's central bank bans stablecoin and crypto settlement in cross-border payments
Brazil's central bank has prohibited electronic foreign exchange providers from settling international remittances using stablecoins, bitcoin, or other cryptocurrencies.
The rule, set out in BCB Resolution No. 561 and published April 30, updates the framework governing Brazil's regulated system for digital international payments, purchases, withdrawals, and transfers. It takes effect October 1, with compliance deadlines extending into 2027.
Under the new rule, all payments between an eFX provider and its foreign counterpart must be processed through a foreign exchange transaction or a non-resident real-denominated account held in Brazil. Firms can no longer accept reais from a customer, convert those funds into USDT, USDC, or bitcoin, and settle the payment on a blockchain. The resolution does not affect crypto trading more broadly — investors may continue to buy, sell, hold, and transfer cryptocurrency through authorized virtual asset service providers under a separate regulation that took effect in February.
