UK's FCA Ramps Up Crackdown on Unauthorized Crypto ATMs
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The Financial Conduct Authority (FCA), which serves as the financial regulator in the United Kingdom, is currently intensifying its efforts to combat illegal cryptocurrency automated teller machines (ATMs).
The FCA teamed up with regional police to conduct inspections at multiple sites across Exeter, Nottingham, and Sheffield. In a statement issued on Friday, the FCA highlighted that these sites were operating unregistered cash-to-crypto conversion machines, which are regarded as a significant risk for money laundering. This crackdown is part of the FCA's ongoing efforts to combat illegal crypto-related activities.
“Crypto ATMs operating without FCA registration are illegal,” said Therese Chambers, the FCA’s Executive Director of Enforcement and Market Oversight. “We will act to stop illegal activity.”
After conducting the inspections, the FCA stated that they were assessing the evidence gathered but did not disclose any potential further measures to be taken. These raids are the latest in a series of enforcement actions against illegal cryptocurrency ATMs, with previous actions having been carried out in Leeds and East London, as announced in March.
CoinATMRadar website reports 17 cryptocurrency ATMs currently operating in the UK. However, the FCA has clarified that none of the approximately 40 registered cryptocurrency companies are authorized to provide such services.
Source Coindesk
