Another 18 sites were examined as part of the Financial Conduct Authority‘s (FCA) crackdown on cryptocurrency ATMs in the UK in May and June, bringing the total for the year to 34. The authority claimed that 26 illegally running machines had been taken down nationwide.
UK Regulator FCA Toughens Its Stance Against Crypto ATMs
The South West Regional Organized Crime Unit, the police forces of Greater London, Bedfordshire, and Hertfordshire, and the financial watchdog collaborated to perform the inspections. In this direction, it can be said that the controls for crypto ATMs have been further tightened.
FCA Constantly Warns Crypto ATMs
Since March 2022, the FCA has issued several alerts to the public, telling them that all crypto ATMs in the nation are operating unlawfully and that users won’t be protected if something goes wrong, like becoming the target of fraud. Moreover, the FCA has warned that as none of the U.K.‘s more than 40 registered cryptocurrency businesses have a license to provide ATM services, any crypto ATMs functioning there are operating unlawfully.
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