UK regulator continues crackdown on unregistered crypto ATMs
The UK Financial Conduct Authority (FCA) has used its powers to inspect sites in Exeter, Nottingham and Sheffield suspected of hosting illegally operated crypto ATMs, as part of a continued crackdown on this illicit sector.
The inspections were part of a joint operation with the South West Regional Organised Crime Unit, Yorkshire and Humber Regional Organised Crime Unit and the Nottinghamshire Police force.
Crypto ATMs allow people to buy or convert money into cryptoassets. There are no crypto ATM operators registered with the FCA, which they must be to operate legally.
The FCA is working with the National Economic Crime Centre to plan and coordinate action with law enforcement partners in relation to operators of illegal crypto ATMs. Today’s action follows that taken in Leeds and East London, where the FCA inspected several premises suspected of hosting unregistered crypto ATMs, alongside regional organised crimes units.
The regulator says it will review evidence gathered during these visits and consider taking further action where necessary.