The Financial Conduct Authority (FCA) and the Metropolitan Police have seized seven cryptocurrency kiosks and arrested two individuals in southwest London.
According to a statement by the FCA, the two were questioned on suspicion of money laundering and running an unlicensed crypto exchange before being released while investigations continue.
Since January 2021, UK law has required all crypto businesses to register with the FCA and comply with anti-money laundering rules.
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FCA enforcement director Therese Chambers noted, “If you’re operating a crypto ATM or exchange illegally, then you should expect serious consequences <…> there are currently no legally-operated crypto ATMs in the UK, so using one only supports crime”.
In the United States, lawmakers in Wisconsin have proposed a bill to address scams and unfair practices linked to crypto kiosks. Senator Kelda Roys and Representative Ryan Spaude introduced the measure following a rise in fraud involving these machines.
Their proposed law would require kiosk operators to clearly display fees, provide accurate exchange rates, and post warnings about common scams.
For the Wisconsin bill to become law, it must pass committee review, gain approval from both chambers of the state legislature, and receive the governor’s signature.
Recently, the Michigan town of Grosse Pointe Farms introduced rules to regulate the operation of crypto ATMs, even though none currently exist there. What did the rules cover? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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