Seven crypto ATMs had been seized and two individuals had been arrested in southwest London on Thursday on suspicion of cash laundering and working an unlawful cryptocurrency alternate.
The operation was led by the UK Monetary Conduct Authority (FCA) and the Metropolitan Police, according to an announcement by the monetary watchdog.
Since January 2021, any crypto enterprise working within the UK must be registered with the FCA and observe anti-money laundering rules. At present, no authorized crypto ATMs are working within the UK, and utilizing or working one with out FCA registration is a prison offense.
“For those who’re working a crypto ATM or alternate illegally, then you need to anticipate severe penalties,” stated Therese Chambers, government director of enforcement and market oversight on the FCA. “There are presently no legally-operated crypto ATMs within the UK, so utilizing one solely helps crime.”
The suspects had been interviewed and launched beneath investigation whereas the inquiry continues.
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US lawmakers suggest rules on crypto ATMs
In Wisconsin, a US state the place crypto kiosks have change into more and more frequent, a invoice was introduced by state Senator Kelda Roys and state Consultant Ryan Spaude to create safeguards in opposition to fraud, hidden charges, misleading pricing and scams that may end up in important monetary losses.
The laws was launched after a wave of scams associated to digital currencies and crypto kiosks swept the state.
“Everybody deserves correct details about the dangers of sure sorts of expertise, transparency in regards to the prices and charges, and authorized guardrails to forestall scams and prison exploitation,” Roys stated on the time. “Cryptocurrency is right here and actively getting used — and we have to take steps to cease Wisconsinites from getting screwed.”
New laws goals to sort out crypto scams
The most typical scams involving crypto ATMs are phishing scams, the place victims are tricked into sending crypto to fraudsters posing as regulation enforcement, authorities officers, or utility firms. They typically goal older and extra weak populations.
In response to a report by the FBI, victims misplaced about $247 million to scams that concerned crypto ATMs in 2023.
For the brand new invoice to change into regulation, Spaude and Roys should shepherd the invoice by committees, safe committee and flooring approval in each the Meeting and Senate, and procure the governor’s signature.
The same bill was launched within the US Senate on a federal stage in February 2025 by Senator Dick Durbin (D–IL). If handed, the “The Crypto ATM Fraud Prevention Act” would show warnings on kiosks across the nation, implement limits on new buyer transactions, and supply rip-off victims who report fraud inside 30 days a full refund.
In response to knowledge from Coinatmradar, the US is house to 78.4% of the world’s Bitcoin ATMs.
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