UK regulators and law enforcement have seized seven unregistered cryptocurrency ATMs in southwest London, reinforcing the nation’s strict anti-money laundering (AML) compliance requirements. The Financial Conduct Authority (FCA) confirmed no crypto ATMs may legally operate without FCA registration, highlighting that unregistered machines enable criminal activities.
In parallel US regulatory developments, Wisconsin introduced legislation targeting crypto ATM fraud risks. This state-level action follows FBI findings of $247 million in losses linked to crypto ATM scams during 2023. Federally, Senator Dick Durbin proposed the ‘Crypto ATM Fraud Prevention Act’ this year, mandating operational transparency at crypto kiosks to curb fraudulent transactions.
The coordinated UK and US measures underscore a global regulatory drive to strengthen oversight of cryptocurrency infrastructure, combat money laundering, and build trust within the digital asset ecosystem through enhanced compliance frameworks.