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The FCA continues its crackdown on illegal cryptocurrency ATMs. The regulator announced it recently acted against Exeter, Nottingham, and Sheffield sites.
The Financial Conduct Authority (FCA) of the United Kingdom continues its fight against unregistered cryptocurrency ATMs (automatic teller machines). On Friday, the UK’s top financial market regulator announced that it inspected sites in Exeter, Nottingham, and Sheffield in collaboration with local law enforcement.
#Crypto ATMs operating without FCA registration are illegal. The action we’ve taken over the past few months and wider work shows that we will act to stop illegal activity. #cryptocurrency https://t.co/KnMhiKAt21— Financial Conduct Authority (@TheFCA) May 5, 2023
The agency will review the evidence against these sites and decide on further action.
Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, said:
Crypto ATMs operating without FCA registration are illegal. The action we’ve taken over the past few months and wider work shows that we will act to stop illegal activity.
Besides disrupting unregistered crypto businesses, the joint efforts have helped raise awareness of illegally operated crypto ATMs in the UK among the public. This is especially important as crypto products are high-risk and not currently regulated. That means you should be prepared to lose all your money if you invest in them.
FCA Doubles Down on ATM Crackdown
The FCA’s action in Exeter, Nottingham, and Sheffield follows enforcement action taken in East London in March. The FCA and local law enforcement inspected several sites it found to be operating illegally.
The move against crypto ATMs is part of the larger scrutiny of the global crypto industry.
Crypto ATMs have gained in popularity since 2014, allowing millions of users worldwide to conduct seamless crypto-to-fiat conversions, Todayq reports. Between December 2020 and January 2022, more than 1,000 Bitcoin and cryptocurrency ATMs were installed each month globally.
The United States and Canada are the largest ATM hubs globally, with Spain, El Salvador and Australia following.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice