Right then. Apparently, someone in the United Kingdom decided operating a cryptocurrency ATM – you know, the sort that dispense digital pixie dust for actual, physical money – without, and this is the crucial bit, asking permission was a slightly bad idea. 🤯
The U.K. authorities – a surprisingly energetic bunch, it turns out – have apprehended two individuals. Two! As if the world wasn’t already overflowing with people. They’ve also confiscated what appears to be a rather alarming number of these crypto ATMs, seven in total. One can only imagine the conversations these ATMs had with each other before being impounded. Probably something along the lines of, “Well, this is awkward.”
The Financial Conduct Authority (FCA) – a body seemingly dedicated to ensuring things happen precisely as they’re meant to, even if nobody quite understands why – collaborated with the Metropolitan Police. Because, naturally, dealing with rogue crypto dispensers requires the full might of the nation’s finest. They searched four locations in southwest London. Four! It’s rather a lot of searching, isn’t it? 🧐
Our suspects, having been thoroughly interviewed (under caution, which sounds terribly serious), have been released. Released! To roam free and presumably ponder the error of their ways. No charges *yet*, mind you. Investigations, those terribly lengthy and bureaucratic processes, are still ongoing. Expect paperwork. Lots and lots of paperwork.
Apparently, operating a cryptoasset exchange or an ATM without joining the FCA’s, ahem, exclusive club is frowned upon. They’re rather keen on this “anti-money laundering” thing, involving things like “customer due diligence” and “source-of-funds checks.” Sounds terribly tedious, really. It’s all about making sure the money isn’t, you know, dirty*.
Therese Chambers, the FCA’s executive director of enforcement and market oversight, has declared that there are currently *no* legally operating crypto ATMs in the UK. None! She added, with a tone of considerable disapproval, that these unregistered machines “only support crime.” Which is a rather broad statement, but one suspects she means it. She also threatened “serious consequences.” One hopes they involve strongly worded letters. ✉️
You see, back in 2021, the FCA decided that all crypto businesses needed to register. A sensible decision, one might think, but clearly, some individuals missed the memo. They apparently thought the rules were merely *suggestions*. The audacity!
This latest incident follows the rather unfortunate case of Olumide Osunkoya, who received a four-year sentence for running a £2.5 million crypto ATM network. He was denied FCA registration. You’d think that would have been a clue, but apparently not. He also got tangled up in false identity documents, forgery, and possession of criminal property. A busy chap, really.
While the UK is stubbornly sticking with its ATM ban, other countries are experimenting. In the United States, there are *over 29,000* crypto ATMs. That’s a lot of machines dispensing digital confusion! Nebraska, bless its heart, has imposed licensing rules and transaction caps. Spokane, Washington, has gone the whole hog and banned them outright. New Zealand, sensibly, has also banned them.
Australia, ever the pragmatist, has introduced cash limits and mandatory scam warnings. Following, naturally, a series of high-value fraud cases linked to Bitcoin ATMs. Because nothing quite says “trust us” like a flashing sign that screams, “Warning: You’re about to lose all your money!” 😂
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2025-07-22 08:37