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 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 rules. At the moment, no authorized crypto ATMs are working within the UK, and utilizing or operating one with out FCA registration is a felony offense.
“Should you’re working a crypto ATM or change illegally, then you must anticipate severe penalties,” mentioned Therese Chambers, govt 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 below investigation whereas the inquiry continues.
Associated: Tasmanian police find top 15 crypto ATM users are scam victims
US lawmakers suggest rules on crypto ATMs
In Wisconsin, a US state the place crypto kiosks have turn out to be more and more widespread, 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 sorts of know-how, transparency concerning the prices and costs, and authorized guardrails to forestall scams and felony exploitation,” Roys mentioned 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 regulation enforcement, authorities officers, or utility firms. They usually goal older and extra susceptible populations.
Based on 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 out to be regulation, Spaude and Roys should shepherd the invoice via committees, safe committee and flooring approval in each the Meeting and Senate, and procure the governor’s signature.
An identical 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 provide rip-off victims who report fraud inside 30 days a full refund.
Based on knowledge from Coinatmradar, the US is dwelling to 78.4% of the world’s Bitcoin ATMs.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
