The UK aims to establish itself as a global cryptocurrency hub. This being said, they will not tolerate bad actors and hooligans. Last week, the Financial Conduct Authority (FCA) announced that it had “seized” seven crypto ATMs, while arresting two individuals on allegations of operating an illicit crypto exchange.
According to the regulator and the Metropolitan Police Service, four premises were searched, and seven crypto ATMs were taken away. Therese Chambers, Executive Director of Enforcement at the FCA, stated that if you operate a crypto ATM illegally, you can expect consequences.
“There are currently no legally-operated crypto ATMs in the UK, so using one only supports crime. We will continue to partner with law enforcement agencies to fight financial crime and protect consumers.”
Currently, it is illegal to operate a crypto ATM or a crypto exchange without being registered with the FCA.
Two potentially affiliated individuals were said to have been “interviewed” and then released.
Since January 10, 2021, firms providing certain cryptoasset services in the UK must be registered with the FCA under the AML/CFT and Transfer of Funds regulations.
