Seven crypto ATMs were seized and two individuals arrested in southwest London on Thursday as UK authorities cracked down on illegal cryptocurrency activity.
The Financial Conduct Authority (FCA), alongside the Metropolitan Police, led the operation targeting unregistered crypto exchanges and suspected money laundering.
Under UK law, any crypto-related business must be registered with the FCA and comply with anti-money laundering rules.
No crypto ATMs are currently registered, making all such operations illegal.
“There are currently no legally-operated crypto ATMs in the UK, so using one only supports crime,” said FCA enforcement head Therese Chambers.
The two suspects were released under investigation as inquiries continue.
Meanwhile, in the US, lawmakers in Wisconsin and Congress are pushing new regulations to curb crypto ATM scams.
A bill introduced by state officials aims to protect users from fraud, hidden fees, and deceptive pricing following a rise in scams, especially targeting vulnerable populations.
A similar federal bill introduced in February seeks mandatory warnings and transaction limits at kiosks, with provisions for full refunds to fraud victims who report within 30 days.
The FBI estimates crypto ATM scams cost victims $247 million in 2023. The US currently hosts over 78% of all Bitcoin ATMs worldwide.
Source: Vanguard Nigeria