UK financial watchdog announces inspections against sites with suspected illegal crypto ATMs

The UK’s Financial Conduct Authority (FCA) has announced an inspection of sites across the country “suspected of hosting illegally operated cryptocurrency ATMs”.

In an announcement on May 5, FCA said Said We have worked with local authorities in the cities of Exeter, Nottingham and Sheffield to raid facilities suspected of operating unregistered cryptocurrency ATMs. The enforcement action follows similar operations from March in East London and February around the city of Leeds, the FCA said, issuing warnings or requests to stop and stop suspected crypto ATM operators.

Therese Chambers, FCA Executive Director of Execution and Market Surveillance, said: “In addition to disrupting unregistered crypto businesses, our joint efforts have helped raise public awareness of crypto ATMs operating illegally in the UK.”

#Crypt ATMs that are not FCA registered are illegal. Our actions over the past few months and our broader efforts show that we will act to stop illegal activity. #cryptocurrency https://t.co/KnMhiKAt21

— Financial Conduct Authority (@TheFCA) May 5, 2023

Related: FCA Official Says UK Parliament Committee Crypto Regulation Inevitable

FCA officials have cited their mandate to conduct inspections under the UK money laundering regulations from 2017. The financial watchdog said it will review the evidence gathered and will “consider taking further action if necessary.”

According to CoinATMRadar data, at the time of publication, there were over 15 crypto ATMs in the UK from operators such as Big Sea Coins, BD ATM, Cryptobitecoin and Computer House. It is unknown if any are registered with the FCA.

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