The Financial Conduct Authority (FCA), the UK’s chief financial regulator, has expanded its crackdown on unlicensed cryptocurrency ATMs.” Currently, there are no crypto ATM operators registered with the FCA as required to operate legally,” the regulator noted.
FCA Cracks Down on Illegal Crypto ATMs
The Financial Conduct Authority (FCA), the UK’s top financial regulator, announced Wednesday that it has taken further action against unregistered crypto ATMs in East London in collaboration with the Metropolitan Police, the UK’s largest police force
The announcement follows a series of raids conducted by the FCA, in conjunction with West Yorkshire Police, against several sites suspected of hosting unregistered crypto ATMs in and around Leeds.
According to the Regulator
the FCA continues to crack down on illegal sectors, exercising its powers to inspect multiple sites in East London suspected of hosting illegal crypto ATMs.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, stated that “Crypto products are currently unregulated and high risk. He warns 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 we have shown today, we will take action to stop this.
The FCA further stated that it is currently working with the National Economic Crime Center to “plan and coordinate action with our law enforcement partners against illegal crypto ATM operators.”
The FCA regularly warns consumers that crypto assets are “unregulated and high risk.” In the UK, businesses that provide crypto services, including crypto ATM operators, must register with the FCA and comply with UK money laundering regulations; the FCA’s announcement clarifies that.
There are currently no crypto ATM operators registered with the FCA as required to operate legally.
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