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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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.“

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

A new legal battle in the U.S. capital is once again shining a light on the risks tied to cryptocurrency ATMs. D.C. Attorney General Brian Schwalb has filed a lawsuit against Athena Bitcoin, accusing the operator of charging undisclosed fees and failing to protect users from fraud.

Fraud and Hidden Margins
According to Schwalb, as much as 93% of deposits made through Athena’s ATMs in the first five months of operation were directly linked to scams. Yet the company allegedly refused to reimburse victims and instead profited from hidden fees that were never clearly disclosed.
Investigations revealed Athena charged fees as high as 26% per transaction, without users ever being able to identify them during the process. In its terms of service, the company referred vaguely to a “transaction service margin,” but the word “fee” never appeared.
The Attorney General called this practice deceptive and unfair, stressing that Athena knowingly profited in an environment where victims – often seniors – were losing their life savings.

Tragic Stories of Victims
Between May and September 2024, Athena allegedly pocketed hundreds of thousands of dollars in hidden fees. The median age of victims was 71 years old, and the median loss per transaction was $8,000.
One of the most severe cases involved a D.C. resident who lost $98,000 in a single scam carried out via an Athena kiosk. The lawsuit states the company had “ineffective oversight,” creating an “unchecked channel for illegal international fraudulent transactions.”

Growing Problem With Crypto ATMs
The lawsuit comes amid growing scrutiny of crypto ATMs. In 2024 alone, the FBI received nearly 11,000 fraud complaints linked to these kiosks, with losses exceeding $246 million.
At least 13 U.S. states, including Arizona, Colorado, and Michigan, have already introduced transaction limits to reduce fraud exposure.
According to CoinATMRadar, there are currently 26,850 crypto ATMs in the U.S. The largest market share is held by Bitcoin Depot (27.6%), followed by CoinFlip (13.6%) and Athena (13%).

How to Avoid ATM Scams
Schwalb urged users to be cautious and not fall for false promises from scammers who often pose as tech support or investment advisors. Basic recommendations include:
🔹 Never send money to someone you don’t personally know

🔹 Don’t respond to unexpected calls or messages demanding funds

🔹 Verify information directly with official institutions

Hidden Fees in Traditional Banking Too
Athena is not alone in facing scrutiny over undisclosed fees. In recent years, traditional banks have also been fined heavily:
Discover Bank was ordered to refund clients $1.2 billion in excessive chargesWells Fargo paid $3.7 billion in fines for unlawful interest and fee practicesBank of America was fined more than $250 million in 2023 for so-called “junk fees”
Bottom Line
The lawsuit against Athena Bitcoin is another warning that crypto ATMs can be dangerous tools in the hands of fraudsters. Regulators are trying to protect the public, but victim stories show that personal vigilance remains the most important shield against financial predators.

👉 Question for readers: would you trust a crypto ATM enough to deposit your savings into it?

#CryptoATM , #CryptoFraud , #SEC , #CryptoRegulation , #CryptoNews

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.“