UK Authorities Crack Down on Illegal Crypto ATMs
- Seven crypto ATMs were seized in southwest London on Thursday during an operation by the UK Financial Conduct Authority (FCA) and Metropolitan Police.
- Two individuals were arrested on suspicion of money laundering and operating an illegal cryptocurrency exchange.
- Since January 2021, all crypto businesses in the UK must register with the FCA and comply with anti-money laundering regulations.
- Currently, there are no legally-operated crypto ATMs in the UK, making their use a criminal offense.
- In Wisconsin, a new bill aims to protect users from scams related to crypto kiosks, following significant financial losses reported by victims.
The crackdown in the UK highlights ongoing regulatory efforts as authorities seek to combat illegal cryptocurrency operations amid rising concerns over fraud and money laundering. In Wisconsin, legislation is being introduced to safeguard consumers against scams associated with crypto ATMs.
The seizure of seven crypto ATMs underscores the serious consequences for illegal operations, as highlighted by FCA’s enforcement director Therese Chambers. Victims lost approximately $247 million to scams involving crypto ATMs in recent years.(Source)
