FCA action against unregistered crypto ATM - The UK's Financial Conduct Authority in a press release on May 5 announced actions against illegal crypto
FCA action against unregistered crypto ATM – The UK’s Financial Conduct Authority in a press release on May 5 announced actions against illegal crypto ATMs in different cities.
According to the report, no crypto ATMs in the monitored regions are registered. As a result, their operations are currently illegal. Furthermore, it states that these unregistered crypto ATMs can be used in money laundering schemes.
‘Criminals will use crypto ATMs to launder illegally obtained cash, so we were pleased to assist our colleagues at the FCA in targeting businesses in the region displaying these machines without authorisation.’
The investigation was a joint effort with some of the organized crime units in the country including the South West Regional Organised Crime Unit, the Yorkshire and Humber Regional Organised Crime Unit, and the Nottinghamshire Police Force.
Crypto ATMs are required to be registered with the FCA before they can operate, otherwise, they are illegal. What’s more, Peter Highway, the Manager of the Economic Crime Unit pointed out the dangers of unregistered operations in the country. He also shared his willingness to work with fellow colleagues at the FCA to take action against illegal ATMs in the region.
FCA made it known that it is evaluating all evidence from its investigation before taking further action where necessary. The FCA has regularly warned investors in the country that crypto assets are unregulated and pose a high risk.
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The investigation was carried out in line with the Money Laundering Regulations of 2017. Meanwhile, the FCA has also warned unregistered crypto ATM operators to shut down or face legal action.
In a recently updated notice, the FCA published a list of suspected illegal businesses in the country. See the full list Here.
Number of Crypto ATMs in the UK
According to metrics from CoinATMRadar, Europe has over 1,469 crypto ATMs operating in the region. However, only 18 operate in the UK. These ATMs are located in Birmingham, London, and Manchester.