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 trade.
The operation was led by the UK Monetary Conduct Authority (FCA) and the Metropolitan Police, in keeping with an announcement by the monetary watchdog.
Since January 2021, any crypto enterprise working within the UK should be registered with the FCA and comply with anti-money laundering laws. At the moment, no authorized crypto ATMs are working within the UK, and utilizing or working one with out FCA registration is a felony offense.
“If you happen to’re working a crypto ATM or trade illegally, then you must count on critical penalties,” stated Therese Chambers, government director of enforcement and market oversight on the FCA. “There are at present no legally-operated crypto ATMs within the UK, so utilizing one solely helps crime.”
The suspects had been interviewed and launched underneath 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 change into more and more frequent, a invoice was launched by state Senator Kelda Roys and state Consultant Ryan Spaude to create safeguards towards 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 know-how, transparency in regards to the prices and charges, 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 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 corporations. They usually 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 means of committees, safe committee and ground approval in each the Meeting and Senate, and acquire the governor’s signature.
An identical invoice 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 residence to 78.4% of the world’s Bitcoin ATMs.
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