• The UK’s Financial Conduct Authority (FCA) is cracking down on unregistered cryptocurrency ATMs operating in Exeter, Nottingham, and Sheffield.
• FCA’s executive director of enforcement and market oversight warned that crypto ATMs not registered with the FCA are illegal.
• Crypto ATMs have gained popularity since 2014, allowing users to conduct seamless crypto-to-fiat conversions.
The UK’s FCA Crackdown on Unregistered Cryptocurrency ATMs
The Financial Conduct Authority (FCA) of the United Kingdom is continuing its effort to crack down on illegal cryptocurrency Automatic Teller Machines (ATMs). On Friday, the regulator announced that it has inspected sites in Exeter, Nottingham and Sheffield for unregistered crypto ATMs in collaboration with local law enforcement.
Crypto ATMs Operating Without FCA Registration are Illegal
Theresa Chambers, Executive Director of Enforcement and Market Oversight at the FCA said: “Crypto ATM machines operating without FCA registration are illegal. The action we’ve taken over the past few months and wider work shows that we will act to stop illegal activity.” She added that this joint effort has also helped raise awareness among the public about such activities being carried out illegally.
Crypto ATMs Growing in Popularity
Since 2014, crypto ATMs have become increasingly popular as they allow millions of users worldwide to conduct seamless crypto-to-fiat conversions. Between December 2020 and January 2022 alone, more than 1 000 Bitcoin and cryptocurrency ATMs were installed each month globally — with the US and Canada being the largest hubs for these machines followed by Spain, El Salvador, and Australia.
High Risk Without Regulation
However it is important to note that cryptocurrencies are high risk products which currently do not fall under any regulation — meaning one should be prepared to lose all their money if they invest in them.