Britain’s main financial regulator, the Financial Conduct Authority (FCA), has expanded its crackdown on unauthorized cryptocurrency ATMs. “There are currently no FCA-registered crypto ATM operators, who must be to operate legally,” the regulator noted.
FCA Cracks Down on 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 collaboration with the Metropolitan Police, the largest police force in the world. United Kingdom.
The announcement followed a series of raids the FCA carried out in collaboration with West Yorkshire Police on a number of sites suspected of hosting unregistered crypto ATMs in Leeds.
According to the regulator:
The FCA has used its powers to inspect several sites in east London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector.
“Crypto products are currently unregulated and high risk,” said Mark Steward, executive director of Compliance and Market Supervision at the FCA. He warned that anyone who invests in them should be prepared to lose all their money. Butler emphasized:
Crypto ATMs operating without FCA registration are illegal and as shown today we will be taking action to stop this.
The FCA further said that it is currently working with the National Center for Economic Crime “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 FCA registered crypto ATM operators, which must be registered to operate legally.
What do you think of the UK financial regulator cracking down on rogue cryptocurrency ATMs? Let us know in the comments section.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
