365Crypto
Police Shut Down Illegal Bitcoin ATMs
Crypto ATMs in London just got busted. Seven machines seized. Two people arrested.
The UK’s Financial Conduct Authority (FCA) and London police led the raid. They say these machines broke anti-money laundering rules.
Since 2021, crypto companies must register with the FCA. Running crypto ATMs without approval is a crime.
Crypto ATM: A machine that lets you buy or sell Bitcoin for cash.
“No crypto ATMs in the UK are legal right now,” said FCA’s Therese Chambers. “If you run one, you’re supporting criminals.”
The suspects are free for now but still under investigation.
America Moves to Crack Down Too
In Wisconsin, lawmakers want new rules on crypto ATMs. Their bill aims to stop scams and warn people about high fees.
Crypto kiosks there have become a tool for fraudsters. Some scams target seniors.
“People deserve clear info on risks and fees,” said Senator Kelda Roys. “Crypto’s here. We need to protect people.”
The Cost of These Scams
Scams often trick victims to send Bitcoin to fake police or government agents.
In 2023 alone, crypto ATM scams cost Americans $247 million.
A US Senate bill could soon force all crypto ATMs to show fraud warnings and limit daily use for new customers.
Bitcoin ATM: 78% of the world’s machines are in the US.
