The Financial Conduct Authority (FCA) has been cracking down on unlicensed crypto ATMs with the South West Regional Organised Crime Unit in Yorkshire, the Humber ROC, and the Nottinghamshire Police Force.
With a crypto ATM, you can turn cash into digital assets. They are not controlled by the FCA, so they don’t protect the user in any way.
The FCA checked out places in Exeter, Nottingham, and Sheffield. The illegal machines were used all over the UK, making it easy to wash stolen money and help criminals do their work. This review comes after the FCA looked at ATMs in Leeds and East London.
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.”
The FCA will work with the National Economic Crime Centre to figure out what will be done about people who run illegal cryptocurrency ATMs.
