The
Financial Conduct Authority (FCA) has recently taken action against
unregistered cryptocurrency automated teller machines (ATMs) operating in Leeds,
East London. The FCA has warned the public against using these unregulated
machines, which may facilitate money laundering and other criminal activities.
In the
press release issued by the FCA, the regulatory body stated that it has been
investigating unregistered crypto ATM providers for several months. The FCA
found that many of these providers did not have the necessary registration to
operate legally.
Cryptocurrency
ATMs have become increasingly popular in recent years, with many individuals
using them to buy and sell digital currencies such as Bitcoin and Ethereum.
However, the FCA warns that unregistered providers may not have the necessary
safeguards in place to prevent illegal activities such as money laundering.
“Crypto
ATMs operating without FCA registration are illegal and, as today shows, we
will take action to stop this. This operation, alongside last month’s action in
Leeds, sends a clear message that we will continue to identify and disrupt
unregistered crypto businesses in the UK,” Mark Steward, the Executive
Director of Enforcement and Market Oversight at the FCA, commented.
The FCA has
already taken steps to prevent unregistered providers from operating in
East London. The regulatory body has issued a number of…
