“`html
\n<\/p>\n
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.<\/p>\n
The operation was orchestrated by the UK Financial Conduct Authority (FCA) and the Metropolitan Police, as stated<\/a> by the financial regulator. <\/p>\n Since January 2021, any crypto enterprise functioning in the UK must register with the FCA<\/a> 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.<\/p>\n \u201cIf you\u2019re unlawfully operating a crypto ATM or exchange, then you should anticipate severe repercussions,\u201d remarked Therese Chambers, executive director of enforcement and market oversight at the FCA. \u201cAt present, there are no legally-operated crypto ATMs in the UK, thus using one solely aids criminal activity.\u201d<\/p>\n The accused were questioned and released pending further investigation while the probe continues.\u00a0<\/strong><\/p>\n Related: <\/strong><\/em>Tasmanian police discover top 15 crypto ATM users are scam victims<\/strong><\/em><\/a> <\/a><\/p>\n In Wisconsin, a state in the US where crypto kiosks have become increasingly prevalent, a bill was put forward<\/a> 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.<\/p>\n The legislation was introduced following a surge of scams associated with digital currencies and crypto kiosks across the state. <\/p>\nUS lawmakers suggest regulations on crypto ATMs<\/strong><\/h2>\n