The Financial Conduct Authority (FCA) has issued a statement on its ongoing crackdown of crypto ATMs in the UK that are not authorized.
The FCA says it has investigated 34 locations in the UK since the start of the year, typically working with other law enforcement agencies. So far, during 2023, 26 crypto ATMs have been shut down. 18 sites suspected of operating crypto ATMs across the UK were inspected over May and June by the FCA, South West Regional Organised Crime Unit, Bedfordshire Police, Hertfordshire Police, and the Metropolitan Police.
Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA explained that if you use an illicit crypto ATM, you may be giving your money to criminals, and you could lose all of your money.
“It is also unlikely you will be able to contact the operator of the machine to resolve any problems you may have. Often, we see no effective channels of communications for people to get in touch with the operator.
“We will continue to warn the public and take appropriate enforcement action against unregistered crypto ATM operators.”