Crypto ATMs Clamped Down in UK: A Tale of Coins and Consequences 🐾💰

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On a brisk Thursday in southwest London, seven crypto ATMs were seized, and two individuals were hauled into custody for the heinous crimes of money laundering and running an illegal cryptocurrency exchange. The Metropolitan Police, assisted by the UK’s Financial Conduct Authority (FCA), launched a campaign to root out these contraband contraptions, which now operate in a legal gray zone as shady as a back-alley poker game.

Since January 2021, any crypto business in the UK must be registered with the FCA, or else face the wrath of anti-money laundering regulations. Currently, no legal crypto ATMs exist in the UK, making their use a criminal offense. As the FCA’s Therese Chambers quipped, “If you’re peddling crypto ATMs without a license, you’re playing with fire—and the FCA’s got a long fuse.” 🚨

The suspects were interviewed and released, but the inquiry continues, much like a bad penny that refuses to die.

US Lawmakers Propose Regulations on Crypto ATMs

In Wisconsin, where crypto kiosks have sprouted like dandelions in a digital garden, state Senator Kelda Roys and Representative Ryan Spaude introduced a bill to shield citizens from the “delightful” perils of crypto scams. The legislation aims to curb hidden fees, deceptive pricing, and scams that leave folks poorer than a jaybird in a fox’s den.

Roys declared, “Everyone deserves accurate info about crypto risks, transparency on costs, and legal guardrails to prevent scams. Cryptocurrency is here—and we need to stop Wisconsinites from getting screwed.” 💸

New Legislation Aims to Tackle Crypto Scams

The most common crypto ATM scams? Phishing schemes where fraudsters pose as law enforcement or utility companies to siphon funds. These scams often target the elderly, proving that age doesn’t make you immune to being fleeced by a keyboard cowboy. 😅

The FBI reports $247 million lost to crypto ATM scams in 2023—a tidy sum for anyone, but a gold-plated goose chase for the victims.

To pass the Wisconsin bill, Roys and Spaude must navigate committees, secure approvals, and earn the governor’s signature. Meanwhile, Senator Dick Durbin (D–IL) proposed a federal “Crypto ATM Fraud Prevention Act” to warn users, limit transactions, and offer refunds for scams reported within 30 days. A noble endeavor, if one ignores the irony of lawmakers regulating chaos with paperwork. 📄

Coinatmradar’s data reveals the US owns 78.4% of the world’s Bitcoin ATMs—a feat that’s either impressive or alarming, depending on your stance on financial chaos. 🌍

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2025-07-22 02:19