Mayor of Vancouver recommends prohibiting the use of Bitcoin ATM to combat money laundering

According to TNW's June 5 report, the Vancouver police said Bitcoin ATM is an "ideal money laundering tool" and the mayor even suggested a total ban on Bitcoin ATM. According to The Star, experts and local companies have called for changes to the federal currency service regulations to include Bitcoin ATM. The Vancouver City Council passed the charter in January to regulate the use and operation of cryptocurrency ATMs. This forces operators to hold business licenses, verify identities, and even warn users to stay away from common types of fraud. Despite these efforts, the police reiterated their warning that local fraudsters have been using cryptocurrency and cryptocurrency ATMs to launder money. The authorities also expect to receive 840 reports related to cryptocurrencies this year, an increase of 300% since 2018. British Columbia will conduct a money laundering investigation to investigate further. Vancouver and the Richmond City Council supported the investigation and confirmed that they were taking action. It is said that Vancouver city staff are studying the extent of the problem and plan to discuss its findings in the fourth quarter of 2019.