FCA cracks down on crypto ATMs
By Law News
The UK's Financial Conduct Authority (FCA) says this year it has visited and inspected 34 locations across the UK suspected of hosting crypto ATMs.
In a press release on 11 July, the FCA said:
"These visits have been part of a coordinated operation with other law enforcement agencies to crackdown on this illicit sector and have disrupted 26 machines operating unlawfully across the country."
Steve Smart, the FCA's joint executive director of enforcement and market oversight, said: 'If you use a crypto ATM in the UK, you are using a machine that is operating illegally and you may be handing your money over to criminals.
'You will not be protected if something goes wrong, and you could lose your money.
'It is also unlikely you will be able to contact the operator of the machine to resolve any problems you may have. Often, we see no effective channels of communications for people to get in touch with the operator.
'We will continue to warn the public and take appropriate enforcement action against unregistered crypto ATM operators.'
According to the FCA, 18 sites suspected of operating crypto ATMs across the UK were inspected over May and June by the FCA, South West Regional Organised Crime Unit, Bedfordshire Police, Hertfordshire Police and the Metropolitan Police.