Seven crypto ATMs have been seized and two folks have been arrested in southwest London on Thursday on suspicion of cash laundering and working an unlawful cryptocurrency change.
The operation was led by the UK Monetary Conduct Authority (FCA) and the Metropolitan Police, according to a press release 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 laws. At present, no authorized crypto ATMs are working within the UK, and utilizing or working one with out FCA registration is a felony offense.
“For those who’re working a crypto ATM or change illegally, then you need to anticipate critical 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 have been interviewed and launched below investigation whereas the inquiry continues.
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US lawmakers suggest laws on crypto ATMs
In Wisconsin, a US state the place crypto kiosks have turn into more and more widespread, 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 can lead to vital 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 kinds of expertise, transparency in regards to the prices and costs, and authorized guardrails to stop scams and felony 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 deal with 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 susceptible 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 turn into regulation, Spaude and Roys should shepherd the invoice by way of committees, safe committee and flooring approval in each the Meeting and Senate, and acquire the governor’s signature.
An identical bill was launched within the US Senate on a federal degree 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 information from Coinatmradar, the US is house to 78.4% of the world’s Bitcoin ATMs.
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