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Crypto ATMs the target of continued FCA crackdown

Crypto ATMs the target of continued FCA crackdown

The Financial Conduct Authority (FCA) has been working alongside the South West Regional Organised Crime Unit in Yorkshire, the Humber Regional Organised Crime Unit, and the Nottinghamshire Police Force to continue its crackdown on unregistered crypto ATMs.

Crypto ATMs are used to convert funds into crypto assets. They are unregulated by the FCA and therefore provide no protection to the user.

Exeter, Nottingham, and Sheffield were inspected by the FCA. The illegal machines have been operating throughout the UK, making it easy to launder stolen cash and facilitate criminal activity. This investigation follows the FCA’s inspection in Leeds and East London for the ATMs.

Therese Chambers, executive director of enforcement and market oversight at the FCA, commented: “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.”

Collaborating with the National Economic Crime Centre, the FCA will organise what action will be taken against the operators of illicit crypto ATMs.

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