Seven Crypto ATMs were confiscated and two people were arrested on Thursday in South -West London on suspicion of operating money laundering and an illegal cryptocurrency exchange.
The operation was led by UK Financial Conduct Authority (FCA) and Metropolitan Police, According For a statement by Financial Watchdog.
Since January 2021, any crypto business operated in the UK should be registered with the FCA and follow the anti-mani laundering rules. Currently, no legal crypto ATM is working in the UK, and using or running one without FCA registration is a criminal offense.
“If you are operating a crypto ATM or exchange illegally, you should expect serious consequences,” said Theres Chambers, Executive Director of Enforcement and Market Inspection in FCA. “There are currently no legally operated crypto ATMs in the UK, so using only one supports the crime.”
The suspects were interviewed and issued under investigation while the investigation is on.
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US MPs proposed rules at Crypto ATM
In Wisconsin, an American state where crypto kiosks have become rapidly common, there was a bill Pur: The state’s senator Kalda Royce and the state representative Ryan Spouse to make security measures against fraud, hidden fees, misleading pricing and scams, resulting in significant financial losses.
The law was introduced after a wave of scams related to digital currencies and the crypto kiosk was swept away to the state.
https://www.youtube.com/watch?v=alc2u0ynfca
Royce said, “Everyone is entitled to accurate information about some types of technology risks, costs and fees and accurate information about legal railing to prevent scams and criminal exploitation.” “Cryptocurrency is here and being actively used – and we need to take steps to prevent the visconsinians from deteriorating.”
The purpose of the new law is to deal with crypto scams
The most common scams associated with Crypto ATMs are Fishing scams, where the victims are tricked to sending the cheated as law enforcement, government officials, or utility companies. They often target old and more weak population.
According to an FBI report, the victims lost around $ 247 million, including Crypto ATMs. 2023,
For the new bill to enact law, Spad and Royce must be shepherd through the approval of committees, safe committee and flooring in both Vidhan Sabha and Senate, and receive the signature of the Governor.
Uniform Bill In February 2025, the Senator Dick Durbin (D -IL) was introduced in the US Senate at a federal level. If passed, “The Crito ATM Fraud Prevention Act” will display a warning on the kiosk across the country, implement the limit on new customer transactions, and offer scam victims who report fraud within 30 days.
According to data CoinAmerica is a home of 78.4% of the world’s bitcoin ATM.
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