Seven crypto ATMs were seized and two people were arrested in southwest London on Thursday on suspicion of money laundering and operating an illegal cryptocurrency exchange.
The operation was led by the UK Financial Conduct Authority (FCA) and the Metropolitan Police, according to a statement by the financial watchdog.
Since January 2021, any crypto business operating in the UK must be registered with the FCA and follow anti-money laundering regulations. Currently, no legal crypto ATMs are operating in the UK, and using or running one without FCA registration is a criminal offense.
“If you’re operating a crypto ATM or exchange illegally, then you should expect serious consequences,” said Therese Chambers, executive director of enforcement and market oversight at the FCA. “There are currently no legally-operated crypto ATMs in the UK, so using one only supports crime.”
The suspects were interviewed and released under investigation while the inquiry continues.
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US lawmakers propose regulations on crypto ATMs
In Wisconsin, a US state where crypto kiosks have become increasingly common, a bill was introduced by state Senator Kelda Roys and state Representative Ryan Spaude to create safeguards against fraud, hidden fees, deceptive pricing and scams that can result in significant financial losses.
The legislation was introduced after a wave of scams related to digital currencies and crypto kiosks swept the state.
“Everyone deserves accurate information about the risks of certain types of technology, transparency about the costs and fees, and legal guardrails to prevent scams and criminal exploitation,” Roys said at the time. “Cryptocurrency is here and actively being used — and we need to take steps to stop Wisconsinites from getting screwed.”
New legislation aims to tackle crypto scams
The most common scams involving crypto ATMs are phishing scams, where victims are tricked into sending crypto to fraudsters posing as law enforcement, government officials, or utility companies. They often target older and more vulnerable populations.
According to a report by the FBI, victims lost about $247 million to scams that involved crypto ATMs in 2023.
For the new bill to become law, Spaude and Roys must shepherd the bill through committees, secure committee and floor approval in both the Assembly and Senate, and obtain the governor’s signature.
A similar bill was introduced in the US Senate on a federal level in February 2025 by Senator Dick Durbin (D–IL). If passed, the “The Crypto ATM Fraud Prevention Act” would display warnings on kiosks around the country, enforce limits on new customer transactions, and offer scam victims who report fraud within 30 days a full refund.
According to data from Coinatmradar, the US is home to 78.4% of the world’s Bitcoin ATMs.
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