Home Business NewsBusiness FCA cracks down on illegal crypto ATMs

FCA cracks down on illegal crypto ATMs

by LLB Editor
5th May 23 9:16 am

Britain’s financial watchdog has continued its crackdown on illegally operated crypto ATMs.

The Financial Conduct Authority has inspected sites in Exeter, Nottingham and Sheffield, in its pushback against machines allowing customers to buy or convert traditional currencies into cryptoassets including bitcoin.

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.”

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