The Financial Conduct Authority (FCA) has recently cracked down on unregulated cryptocurrency automated teller machines (ATMs) in East London and Leeds. The FCA has warned the public against using these unregistered machines, as they may facilitate money laundering and other criminal activities.
According to the FCA, they have been investigating unregistered crypto ATM providers for several months and found that many of them do not have the necessary registration to operate legally. Cryptocurrency ATMs have grown in popularity over the years, with many individuals using them to buy and sell digital currencies such as Bitcoin and Ethereum.
Despite the increasing popularity of cryptocurrency ATMs, the FCA has raised concerns that unregistered providers may not have adequate safeguards to prevent illegal activities such as money laundering.
