CRYPTOATM

Crypto ATMs may be booming elsewhere — but in the UK, they’re strictly off-limits without registration.
👮‍♂️ This week, U.K. authorities raided four locations across southwest London, arrested two individuals, and seized 7 illegal crypto ATMs in a coordinated sting led by the Financial Conduct Authority (FCA) and Metropolitan Police.
👉 The crime? Running an unregistered crypto exchange suspected of financial misconduct.
🔍 The suspects were interviewed and released as investigations continue — but the message is loud and clear:
Operating crypto ATMs without FCA approval is illegal. Period.
📢 FCA’s Therese Chambers didn’t mince words:
> “There are no legal crypto ATMs in the UK — and unregistered ones only fuel crime. Expect serious consequences.”
🧨 A Growing Crackdown
This isn’t the first strike — earlier this year, Olumide Osunkoya was jailed for 4 years after running a £2.5M crypto ATM empire without FCA registration. His machines charged up to 60% markup, used fake IDs, and bypassed financial safeguards.
🔐 Since January 2021, all crypto businesses in the UK must be registered with the FCA to operate legally. The agency continues to warn against unregulated ATMs — citing serious money laundering and fraud risks.
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🌍 Meanwhile Around the World...
🇺🇸 Over 29,000 crypto ATMs operate in the US — but states like Nebraska and Washington are tightening the screws.
🇳🇿 New Zealand has banned them entirely.
🇦🇺 Australia just imposed strict new rules after frauds targeting older victims.
🛑 Bottom line:
If you’re thinking of plugging in a crypto ATM in the UK…
Think again.
#CryptoNews #FCA #CryptoATM #UKCrackdown #BinanceSquare

Crypto ATM – From Convenience to Scam Tool?
📉 #CryptoATM was once considered a convenient way for users to buy and sell cryptocurrency. However, nowadays, they have become tools for large-scale scams, especially targeting the elderly.
📌 Total losses from scams related to Crypto ATMs in the US have increased tenfold since 2020, exceeding 110 million USD in 2023 alone (according to the Federal Trade Commission - FTC).

Coinme, a crypto ATM operator based in Seattle, has agreed to pay a $300,000 fine for violating California's rules governing daily transaction limits for crypto kiosks.
A law passed in 2023 in California limits crypto ATM transactions to a maximum of $1,000 per customer per day. According to the California Department of Financial Protection and Innovation (DFPI), Coinme exceeded this limit and also failed to include mandatory information on receipts issued to customers at its kiosks located in grocery stores and convenience shops across the state.
This marks the first enforcement action under the state’s new Digital Financial Assets Law.
In addition to the fine, Coinme will also pay $51,700 in restitution to a senior citizen from California who claimed to have been defrauded. DFPI officials stated this case sends a strong message to crypto kiosk operators that the state is serious about enforcing rules designed to protect unsuspecting residents from scams.

Growing Concern Over Crypto ATM Scams
Authorities have raised concerns over the rising number of scams involving crypto ATMs, where victims are tricked into depositing funds into kiosks and transferring them directly to scammer-controlled wallets. The 2023 Digital Financial Assets Law was designed to tackle such risks by introducing regulations for kiosk operators.
According to FBI data, nearly 11,000 complaints involving crypto ATMs were filed in 2024, with reported losses exceeding $246 million—an increase of 31% from the previous year. Seniors aged 60 and older were among the most frequently targeted victims.

Bans and Raids in Other Regions
While California is tightening regulations, Spokane, the second-largest city in Washington, has gone a step further by banning crypto ATMs altogether. The move aims to shield citizens from scams and money laundering. Local law enforcement reports that funds from these kiosks have been traced to destinations like China, North Korea, and Russia.
Meanwhile, in Australia, federal police launched a crackdown on illegal use of crypto ATMs, contacting over 90 individuals—including both scam victims and suspected offenders.

In a dramatic case in Texas, a county sheriff personally intervened and brought a power-cutting tool to a crypto kiosk after a family reportedly lost $25,000 to fraud.

#Cryptoscam , #CryptoATM , #DigitalAssets , #BitcoinATM , #CryptoNewss

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,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

Australia is cracking down on crypto ATMs amid a surge in scam reports! 🚨 The national financial intelligence agency, AUSTRAC, is enforcing stricter rules, including a $5,000 AUD limit on cash deposits/withdrawals. They're also pushing for better transaction monitoring and scam warning signs.
Why? Apparently, many users are over 50, and sadly, a lot are falling victim to scams. 💔 Federal police say reported losses from these scams have already topped $3.1 million AUD this year alone!🤯
AUSTRAC is working with law enforcement to adjust these rules if needed. It's all about protecting people and businesses from crypto-related crime. 🤔 What do you think of this?
Follow for more insights!
#CryptoATM #Australia #Scams #Regulation #Bitcoin

Australia is tightening its grip on crypto-related financial crime. AUSTRAC, the country's financial intelligence agency, has introduced a new limit of AUD 3,250 (approx. USD 2,160) for all cash deposits and withdrawals made via cryptocurrency ATMs.
The move is part of a broader effort to protect consumers and curb fraudulent activity, particularly the abuse of crypto kiosks by scammers.

Fighting Fraud and Money Laundering via Crypto ATMs
According to AUSTRAC CEO Brendan Thomas, crypto ATMs have increasingly become tools for scammers to launder money and deceive victims. In response, AUSTRAC not only imposed a transaction cap, but also revoked the license of a provider who failed to report transaction volumes and violated anti-money laundering (AML) regulations.
The agency is also introducing stricter compliance rules, including:
🔹 Enhanced identity verification (KYC)

🔹 Mandatory on-screen scam warnings

🔹 Advanced transaction monitoring systems

Crypto ATM Explosion in Australia Raises Red Flags
Australia has seen a rapid expansion of crypto ATMs—from just 23 in 2019 to over 1,800 machines in 2024, making it the third-largest market for crypto kiosks after the US and Canada.
But this boom comes with a dark side: many transactions are linked to criminal activity, including romance scams, fake investment schemes, and remote access fraud. Older Australians are especially at risk—people over 50 account for 72% of transaction value, while those aged 60–70 make up nearly 30%.
AUSTRAC warns:
“If someone tells you to use a crypto ATM to make a payment, consider it a red flag for fraud.”

AUSTRAC Launches Oversight Taskforce
To strengthen oversight, AUSTRAC has established a taskforce to audit crypto ATM providers. Since late 2024, the team has conducted dozens of site visits, compliance reviews, and awareness sessions with registered businesses.
Providers who fail to meet the updated requirements—including proper KYC controls, transaction monitoring, and suspicious activity reporting—risk deregistration and enforcement actions. One operator has already been permanently banned for noncompliance.

Australia Leads in Regulating Crypto ATMs
AUSTRAC made it clear: the goal isn't to restrict access to modern financial tools, but to ensure these services are safe, transparent, and not exploited by criminals. The agency hopes the new measures will boost public trust in crypto infrastructure.
With this move, Australia becomes one of the most proactive nations in regulating crypto ATMs, and its approach could serve as a model for other countries. Regulators in the US, UK, and EU have also flagged crypto kiosks as potential hotspots for fraud and money laundering.

#Regulation , #CryptoATM , #CryptoNewss , #AustraliaCrypto , #CryptoCommunity

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies!
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“