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UK Expands Crackdown on Unauthorized Crypto ATMs – Regulation

Britain’s top financial regulator, the Financial Conduct Authority (FCA), shared its crackdown on unauthorized ATMs cryptocurrency expanded. “Currently, there are no crypto ATM operators registered with the FCA that they are required to operate legally,” the regulator noted.

The FCA takes action against illegal crypto ATMs

Britain’s top financial regulator, the Financial Conduct Authority (FCA), announced on Wednesday that it has taken further action against unregistered crypto ATMs in East London in cooperation with the Metropolitan Police, the largest police force in the United Kingdom

The announcement followed a series of raids the FCA, in conjunction with West Yorkshire Police, carried out on multiple locations suspected of harboring unregistered crypto ATMs around the Leeds area.

According to the regulator:

The FCA has used its powers to inspect multiple locations in East London suspected of harboring illegally operated crypto ATMs as it continues its crackdown on the illicit sector.

“Crypto products are currently unregulated and carry a high level of risk,” said Mark Steward, FCA’s executive director of enforcement and market oversight. He warned that anyone investing in them should be prepared to lose all their money. Steward emphasized:

Crypto ATMs operating without FCA registration are illegal and as will be shown today we will be taking action to stop this.

The FCA further said it is currently working with the National Economic Crime Center “to plan and coordinate actions with law enforcement partners against illegal crypto ATM operators.”

The FCA regularly warns consumers that crypto assets are “unregulated and high risk”. In the UK, companies offering crypto services, including crypto ATM operators, must be registered with the FCA and comply with UK money laundering regulations. The FCA announcement clarifies:

There are currently no crypto ATM operators registered with the FCA that they must operate legally.

What do you think of the UK financial regulator cracking down on unauthorized cryptocurrency ATMs? Let us know in the comment section below.

UK Expands Crackdown on Unauthorized Crypto ATMs – Regulation, Crypto Trading News

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economics and cryptography.

photo credit: Shutterstock, Pixabay, WikiCommons

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Source: Crypto News Deutsch

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