UK FCA to take action against unregistered, illegal cryptocurrency ATMs

UK FCA to take action against unregistered, illegal cryptocurrency ATMs:-  Currently, according to the FCA, all crypto ATM operators are illegal in the United Kingdom, as none of them are registered with the regulator.

 The United Kingdom’s financial regulator, the Financial Conduct Authority (FCA), is coming for unregistered cryptocurrency automated teller machines (ATMs).

 The Cyber ​​Team of the FCA and West Yorkshire Police have taken action against a number of sites in and around the city of Leeds suspected of hosting crypto ATMs operating illegally.

 Announcing the news on 14 February, the FCA emphasized that none of the crypto ATM operators in the United Kingdom hold FCA registrations.  The authority said that all crypto exchange providers – including crypto ATM operators – must be registered with the FCA and comply with UK money laundering regulations.

 “Unregistered crypto ATMs operating in the UK are doing so illegally,” FCA executive director Mark Steward said, adding that the regulator will continue to disrupt unregistered crypto businesses in the country.  The executive also said that crypto products are “currently unregulated and high risk”, warning investors to be prepared to lose all their money with crypto.

According to Police Detective Sergeant Lindsay Brandts, local enforcement officers have issued several warning letters to crypto ATM operators, requesting them to cease and desist from using the machines.  “Any breach of the rules will result in an investigation under anti-money laundering regulations,” he added.

 The FCA’s action against crypto ATMs will apparently affect a notable number of ATM operators, as there are at least 28 locations that offer bitcoin.

 BTC Ticker Below $22,120

 ATMs in the United Kingdom, according to data from Coin ATM Radar.  More than 50% of those crypto ATM locations are located in London, with additional locations near Birmingham, Manchester and Nottingham, the data shows.

 The latest attack on crypto ATMs in the UK is not the first action taken by the FCA.  In March 2022, the same authority issued a similar statement on the end of bitcoin ATMs in the country, calling on ATM operators to “cease down or face further action”.

 At the time of writing, the FCA has issued registrations to 41 crypto firms in the United Kingdom, including platforms such as Gemini, Zodiac Custody, Bitpanda, Revert, and others.

Read More Articles

• Bitcoin Soars to $28,380: 72% Increase Since January 1st
• Crypto Craze: Top Altcoins Soar Over 100%! CFX, MASK, STX, MAGIC, FTM Lead the Way
• Get Ready for a Boost in ETHEREUM Investments: Recent Upgrades and Staking Inflow Signal Positive Trend in the US Banking Crisis!
• Unlocking the Secrets of Successful Social Media Marketing: Tips and Strategies
• Bitcoin and Ethereum Skyrocket to New Heights While Altcoins Follow Suit – Is Crypto Market Cap About to Hit $2 Trillion?
• Cryptocurrency Investors Withdraw $3 Billion from USDC Coin as Circle Clears Redemption Backlogs and Recovers Funds from SVB
• Unlock the Potential of Cryptocurrency: Staking for Passive Income and Network Security
• Will EUR/USD Maintain Critical Support Level and Avoid Potential Top? Credit Suisse Weighs In
• Telefonica Deutschland faces tough competition in German telecommunications market – Who are the major players?
• Crypto Giants Soar to New Heights: Why Bitcoin, Ethereum, Cardano, and Coinbase are Making Waves in the Market!

• 1
• 2
• 3
• 4
• 5
• 6
• >>