UK Authorities Crack Down on Illegal Crypto ATMs
In a coordinated enforcement effort, UK authorities confiscated seven crypto ATMs and detained two suspects in southwest London. The UK Financial Conduct Authority (FCA) and Metropolitan Police led the operation targeting alleged money laundering through unregistered cryptocurrency exchange services. This action highlights the UK’s strict regulatory framework requiring all crypto businesses to register with the FCA and comply with anti-money laundering rules.
UK’s Firm Stance on Unregulated Crypto ATMs
Therese Chambers, the FCA’s executive director of enforcement, warned: ‘Operating unregistered crypto services carries severe penalties.’ She clarified that no crypto ATMs currently have FCA approval in the UK, making their use potentially criminal. Authorities released the suspects pending further investigation.
US Proposes Protective Measures for Crypto Kiosks
Simultaneously, Wisconsin legislators Kelda Roys and Ryan Spaude introduced a bill to combat crypto kiosk fraud. The legislation addresses deceptive practices that have cost victims millions. ‘Consumers deserve transparency about risks and costs,’ Roys stated, emphasizing the need for legal safeguards in emerging technologies.
Combating Global Crypto ATM Fraud
Phishing schemes remain prevalent, with scammers impersonating officials to steal cryptocurrency. The FBI reported $247 million in losses from such scams in 2023. Proposed US legislation would mandate warnings on kiosks, limit transactions for new users, and establish refund protocols for fraud victims.
Strengthening Crypto Market Integrity
These regulatory actions reflect growing global scrutiny of crypto ATMs. With the US hosting 78.4% of Bitcoin ATMs worldwide (Coinatmradar), establishing consumer protections and market safeguards becomes increasingly urgent. The coordinated UK-US response demonstrates commitment to combating financial crime in digital asset markets.
