Crackdown on Cryptocurrency ATMs in London
In a significant crackdown, authorities in southwest London detained two individuals and confiscated seven cryptocurrency ATMs on Thursday as part of an investigation into alleged money laundering activities and the operation of an unlicensed crypto exchange. This operation was spearheaded by the UK Financial Conduct Authority (FCA) along with the Metropolitan Police.
The FCA has emphasized the importance of adhering to laws that mandate all crypto businesses in the UK to register with them and comply with anti-money laundering measures; violations of this legislation are criminal offenses. Currently, the UK has no legally operating crypto ATMs, and engaging with any unregistered kiosks is considered supporting criminal activities.
“Using a crypto ATM not sanctioned by the FCA only aids in facilitating illegal activities.” – Therese Chambers, FCA’s executive director overseeing market enforcement
The suspects involved were released but remain under investigation as the inquiry progresses.
Legislative Developments in the United States
Meanwhile, the situation in the United States is also evolving, with Wisconsin legislators advocating for new regulations surrounding crypto ATMs. In response to a surge of scams targeting consumers through these kiosks, Senator Kelda Roys and Representative Ryan Spaude have put forth legislation aimed at enhancing protections against fraud, excessive fees, and misleading pricing that have resulted in substantial monetary losses for users.
“It’s imperative that individuals are given clear information about the risks tied to these technologies, alongside transparency regarding any associated costs and safeguards to thwart scams.” – Senator Kelda Roys
The push for this initiative comes on the heels of alarming statistics, as the FBI reported that approximately $247 million was lost by victims of scams involving crypto ATMs in 2023 alone.
For this legislation to pass, it must navigate through various legislative hurdles, including committee approvals in both the Wisconsin Assembly and Senate, ultimately requiring the governor’s endorsement.
At the national level, Senator Dick Durbin proposed similar measures in February 2025—the “Crypto ATM Fraud Prevention Act,” aimed at enforcing transaction limits for new customers, and displaying consumer warnings at crypto kiosks. Additionally, it promises a full refund for scam victims who report incidents within a 30-day window.
This comes as the United States boasts a staggering 78.4% of the global Bitcoin ATM total, underscoring the significance of these machines and the need for robust protective measures.
