Crypto ATMs seized in the UK amid growing scrutiny of kiosk-based exchanges

5 hours ago

Seven crypto ATMs were seized and 2 radical were arrested successful southwest London connected Thursday connected suspicion of wealth laundering and operating an amerciable cryptocurrency exchange.

The cognition was led by the UK Financial Conduct Authority (FCA) and the Metropolitan Police, according to a connection by the fiscal watchdog.

Since January 2021, immoderate crypto concern operating successful the UK must beryllium registered with the FCA and travel anti-money laundering regulations. Currently, nary ineligible crypto ATMs are operating successful the UK, and utilizing oregon moving 1 without FCA registration is simply a transgression offense.

“If you’re operating a crypto ATM oregon speech illegally, past you should expect superior consequences,” said Therese Chambers, enforcement manager of enforcement and marketplace oversight astatine the FCA. “There are presently nary legally-operated crypto ATMs successful the UK, truthful utilizing 1 lone supports crime.”

The suspects were interviewed and released nether probe portion the enquiry continues.

US lawmakers suggest regulations connected crypto ATMs

In Wisconsin, a US authorities wherever crypto kiosks person go progressively common, a measure was introduced by authorities Senator Kelda Roys and authorities Representative Ryan Spaude to make safeguards against fraud, hidden fees, deceptive pricing and scams that tin effect successful important fiscal losses.

The authorities was introduced aft a question of scams related to integer currencies and crypto kiosks swept the state.

“Everyone deserves close accusation astir the risks of definite types of technology, transparency astir the costs and fees, and ineligible guardrails to forestall scams and transgression exploitation,” Roys said astatine the time. “Cryptocurrency is present and actively being utilized — and we request to instrumentality steps to halt Wisconsinites from getting screwed.”

New authorities aims to tackle crypto scams

The astir communal scams involving crypto ATMs are phishing scams, wherever victims are tricked into sending crypto to fraudsters posing arsenic instrumentality enforcement, authorities officials, oregon inferior companies. They often people older and much susceptible populations.

According to a study by the FBI, victims mislaid astir $247 cardinal to scams that progressive crypto ATMs successful 2023.

For the caller measure to go law, Spaude and Roys indispensable shepherd the measure done committees, unafraid committee and level support successful some the Assembly and Senate, and get the governor’s signature.

A akin bill was introduced successful the US Senate connected a national level successful February 2025 by Senator Dick Durbin (D–IL). If passed, the “The Crypto ATM Fraud Prevention Act” would show warnings connected kiosks astir the country, enforce limits connected caller lawsuit transactions, and connection scam victims who study fraud wrong 30 days a afloat refund.

According to information from Coinatmradar, the US is location to 78.4% of the world’s Bitcoin ATMs.