UK Takes Action Against Illegal Crypto ATMs

The UK Financial Conduct Authority (FCA) has announced taking action against “unregistered crypto ATMs.”

Last year, the FCA announced it would shut down crypt ATMs that were not registered with the agency and in compliance with anti-money laundering rules. At that time, none of the ATMs were registered. Last month, the FCA took action against crypto ATMs operating in Leeds – today’s action are against crypto ATMs operating in East London.

The action was taken in collaboration with the Metropolitan Police.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, issued the following statement:

“Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this.  This operation, alongside last month’s action in Leeds, sends a clear message that we will continue to identify and disrupt unregistered crypto businesses in the UK.   Crypto products are not currently regulated and they are high risk. You should be prepared to lose all your money if you invest in them.”

The FCA reiterated that currently, no crypto ATMs are registered in the UK, and thus all of them are illegal.

The FCA notes that it has previously warned operators of crypto ATMs in the UK to shut their machines down or face enforcement action.

The regulator publishes a list of firms that it suspects are operating without authorization.

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