The UK’s financial regulator is maintaining its efforts to clamp down on illegal crypto ATMs.
The Financial Conduct Authority (FCA) has utilized its enforcement powers to investigate various East London locations suspected of hosting unregistered crypto ATMs, as stated by the regulator. This joint operation with the Metropolitan Police follows similar inspections of sites in Leeds.
According to Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, crypto ATMs that operate without FCA registration are illegal, and the FCA will take action to halt such activities. He added that this operation, coupled with last month’s action in Leeds, sends a clear message that unregistered crypto businesses in the UK will be identified and disrupted.
Mark Steward is the executive director of enforcement at the FCA. He said:
There are no registered crypto ATMs in the UK.
We will continue to disrupt and identify unregistered cryptocurrency businesses in the UK.
For anti-money laundering purposes, crypto businesses that operate in the UK must be registered with FCA. Crypto products are unregulated and highly risky, so you need to be ready to lose everything if you decide to invest in them
It’s worth noting that crypto products are presently unregulated and entail a high risk. Investors should be aware that they could lose all of their money if they choose to invest in them.
