FCA goes after unregulated crypto ATM providers in London

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.


Mark Steward, the Executive Director of Enforcement and Market Oversight at the FCA, commented:

Crypto ATMs operating without FCA registration are illegal, and we will take action to stop this. This operation sends a clear message that we will continue to identify and disrupt unregistered crypto businesses in the UK.

The FCA has taken steps to prevent unregistered providers from operating in East London, issuing a number of warnings and initiating legal proceedings against those who did not comply with its instructions. Overall, the FCA’s crackdown on unregulated crypto ATM providers is aimed at protecting the public from the risks associated with these machines.


Read Also: