Crypto Scams in Canada
How cryptocurrency fraud targets Canadians — from fake exchanges to romance-linked investment schemes — and how to report to the Canadian Anti-Fraud Centre and FINTRAC.
Part of: Crypto Scams
Last reviewed: 1 June 2026
Canada has a high rate of cryptocurrency adoption and a population with above-average digital financial literacy, making it both an active market for legitimate crypto and a target-rich environment for crypto fraud operators. The Canadian Anti-Fraud Centre (CAFC) and provincial securities regulators regularly publish warnings about crypto scams adapted for Canadian consumers.
This guide covers how crypto scams are presented in the Canadian context — the regulatory environment, the specific platforms and payment rails used, and the reporting routes available to Canadian victims, including the CAFC and provincial securities commissions.
How this scam works on Canada
Crypto scams in Canada range from investment pitches promoted through social media to elaborate pig-butchering schemes involving weeks of grooming. Victims are often directed to buy Bitcoin or Ethereum at a Canadian exchange (such as Bitbuy, NDAX, or Newton) and then transfer funds to a wallet controlled by the fraudster.
A specifically Canadian pattern involves crypto ATMs, which are more densely distributed in Canada per capita than in many other countries. Scammers — particularly those impersonating the Canada Revenue Agency (CRA) or the RCMP — direct victims to deposit cash into a crypto ATM and send the resulting crypto to a specified address. The CRA and RCMP never request payment via cryptocurrency.
Provincial securities commissions (OSC in Ontario, BCSC in British Columbia, AMF in Quebec) maintain investor alert lists of unregistered crypto platforms and have the authority to take regulatory action. Checking these lists before investing is a concrete protective step.
Common red flags
- CRA or law enforcement impersonation demanding payment in cryptocurrency or crypto ATM
- Investment platform not registered with a provincial securities commission
- Instructions to use a crypto ATM to make a payment to resolve a government or legal matter
- Unsolicited investment offer promising guaranteed returns in cryptocurrency
- Romantic interest who introduces a crypto investment opportunity after building rapport
- Platform that refuses to disclose corporate registration details or a Canadian business address
How to protect yourself
- Check any investment platform with the OSC (Ontario), BCSC (British Columbia), AMF (Quebec), or the CSA's national registration search at securities-administrators.ca
- The CRA never requests payment in cryptocurrency — any such demand is a scam
- Be wary of crypto ATMs as a payment method for any government, legal, or utility claim
- Use only registered Canadian crypto exchanges for purchases — check FINTRAC's MSB registry
- If a romantic contact introduces investment advice, independently verify before acting
How to report it
- Report to the Canadian Anti-Fraud Centre (CAFC) at antifraudcentre.ca or by calling 1-888-495-8501
- Report investment fraud to your provincial securities commission — OSC at osc.ca (Ontario), BCSC at bcsc.bc.ca (BC), AMF at lautorite.qc.ca (Quebec)
- If a crypto ATM was used, report the machine's location to the CAFC to support identification of the operator
- Contact your bank if funds were transferred — early reporting improves the chance of any intervention
Frequently asked questions
What is the Canadian Anti-Fraud Centre and what can it do?
The CAFC is a joint operation of the Royal Canadian Mounted Police (RCMP), the Ontario Provincial Police, and the Competition Bureau. It collects fraud reports, issues public warnings, and shares intelligence with law enforcement. Filing a report does not guarantee investigation, but it contributes to the national fraud picture and can support larger coordinated cases.
Are Canadian crypto exchanges safer than foreign ones?
Registered Canadian exchanges are required to comply with FINTRAC's anti-money-laundering rules and are subject to provincial securities regulation. This provides a degree of consumer protection not available on unregistered foreign platforms. Check the FINTRAC MSB registry at fintrac-canafe.gc.ca to verify a platform's registration status.