FCA and police crackdown on illegal crypto ATMs

Companies providing crypto in the UK must be registered with the Financial Conduct Authority.

The Financial Conduct Authority (FCA) and Metropolitan Police have joined forces to investigate several sites in London suspected of hosting illegal crypto ATMs.

Sites are being looked at in east London where physical locations have been set up, similar to normal cash machines, to purchase a number of cryptocurrencies.

Companies providing crypto in the UK must be registered with the FCA for compliance with anti-money laundering and counter-terrorist financing.

The regulator said that none of the crypto businesses registered with them have been authorised to supply ATM services so any crypto ATMs operating in the UK are doing so illegally.

FCA executive director of enforcement and market oversight Mark Steward said: “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.”

The FCA has been working with regional police throughout the UK and supported a raid by West Yorkshire Police on sites in Leeds back in February.

Steward added: “Crypto products are not currently regulated, and they are high risk. You should be prepared to lose all your money if you invest in them.”

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.

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