Crypto ATMs seized in the UK amid growing scrutiny of kiosk-based exchanges
Main Idea
UK authorities seized crypto ATMs and made arrests due to non-compliance with regulations, while US states propose new laws to regulate crypto ATMs to prevent fraud and scams.
Key Points
1. Seven crypto ATMs were seized and two people arrested in southwest London by the UK FCA and Metropolitan Police for operating without registration.
2. Since January 2021, all UK crypto businesses must register with the FCA and comply with anti-money laundering laws; unregistered crypto ATMs are illegal.
3. Wisconsin lawmakers proposed regulations to limit daily transactions and mandate fraud warnings on crypto ATMs to prevent scams.
4. FBI reported $247 million lost to crypto ATM scams in 2023, prompting legislative action in the US.
5. A federal bill, 'The Crypto ATM Fraud Prevention Act,' was introduced in February 2025 to enforce warnings and refund policies on crypto kiosks nationwide.
Description
Crypto ATM arrests in London come as US states like Wisconsin move to limit daily transactions and mandate fraud warnings.
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