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Seven cryptocurrency ATMs were confiscated and two individuals were apprehended in southwest London on Thursday on allegations of money laundering and running an unauthorized cryptocurrency exchange.
The operation was orchestrated by the UK Financial Conduct Authority (FCA) and the Metropolitan Police, as stated by the financial regulator.
Since January 2021, any crypto enterprise functioning in the UK must register with the FCA and adhere to anti-money laundering guidelines. Presently, no legitimate crypto ATMs are available in the UK, and operating or utilizing one lacking FCA registration constitutes a criminal violation.
“If you’re unlawfully operating a crypto ATM or exchange, then you should anticipate severe repercussions,” remarked Therese Chambers, executive director of enforcement and market oversight at the FCA. “At present, there are no legally-operated crypto ATMs in the UK, thus using one solely aids criminal activity.”
The accused were questioned and released pending further investigation while the probe continues.
Related: Tasmanian police discover top 15 crypto ATM users are scam victims
US lawmakers suggest regulations on crypto ATMs
In Wisconsin, a state in the US where crypto kiosks have become increasingly prevalent, a bill was put forward by state Senator Kelda Roys and state Representative Ryan Spaude to establish safeguards against fraud, concealed fees, misleading pricing, and scams that can lead to substantial financial losses.
The legislation was introduced following a surge of scams associated with digital currencies and crypto kiosks across the state.
“Everyone is entitled to accurate information regarding the dangers of particular types of technology, transparency concerning costs and fees, and legal frameworks to avert scams and criminal exploitation,” Roys stated at that time. “Cryptocurrency is present and actively utilized — and we must take measures to protect Wisconsinites from being exploited.”
New legislation aims to combat crypto scams
The most prevalent scams related to crypto ATMs are phishing schemes, where victims are deceived into sending crypto to fraudsters masquerading as law enforcement, government representatives, or utility providers. They frequently target elderly and more susceptible groups.
According to a report by the FBI, victims suffered losses of approximately $247 million due to scams involving crypto ATMs in 2023.
For the new bill to be enacted into law, Spaude and Roys must guide it through committees, secure approvals from both the Assembly and Senate, and obtain the governor’s signature.
A comparable bill was introduced in the US Senate on a federal scale in February 2025 by Senator Dick Durbin (D–IL). If approved, the “Crypto ATM Fraud Prevention Act” would mandate warnings on kiosks nationwide, impose limits on transactions for new customers, and provide scam victims who report fraud within 30 days a complete refund.
According to data from Coinatmradar, the US hosts 78.4% of the global Bitcoin ATMs.
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