Seven crypto ATMs had been seized and two folks 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 accordance 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 present, no authorized crypto ATMs are working within the UK, and utilizing or operating one with out FCA registration is a prison offense.
“In case you’re working a crypto ATM or trade illegally, then it is best 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 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 in opposition to fraud, hidden charges, misleading pricing and scams that can lead to 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 kinds of expertise, transparency in regards to the prices and costs, 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 deal with crypto scams
The commonest scams involving crypto ATMs are phishing scams, the place victims are tricked into sending crypto to fraudsters posing as legislation enforcement, authorities officers, or utility firms. They usually goal older and extra weak populations.
In line with 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 legislation, Spaude and Roys should shepherd the invoice by way of committees, safe committee and ground approval in each the Meeting and Senate, and acquire the governor’s signature.
The same invoice 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 provide rip-off victims who report fraud inside 30 days a full refund.
In line with information from Coinatmradar, the US is house to 78.4% of the world’s Bitcoin ATMs.
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