Seven crypto ATMs have been seized and two individuals 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 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 legal offense.
“In the event you’re working a crypto ATM or change illegally, then you must anticipate critical penalties,” stated Therese Chambers, govt director of enforcement and market oversight on the FCA. “There are at the moment 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 develop into more and more frequent, a invoice was introduced by state Senator Kelda Roys and state Consultant Ryan Spaude to create safeguards towards 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 kinds of know-how, transparency in regards to the prices and charges, and authorized guardrails to stop scams and legal 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 keeping 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 develop into legislation, Spaude and Roys should shepherd the invoice via committees, safe committee and ground approval in each the Meeting and Senate, and procure the governor’s signature.
An analogous 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 keeping with knowledge from Coinatmradar, the US is dwelling to 78.4% of the world’s Bitcoin ATMs.
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