2023-07-11 05:27:20 ET
UK’s Financial Conduct Authority coordinated with other law administrations to investigate
cryptocurrency
ATMs across the region between May and June. The regulator has suspended 26 crypto machines, citing illegal operations.
The FCA issued crypto ATMs in the UK an ultimatum on 14 February – to either comply with financial rules or quit the market. The regulator has warned the public since March 2022, stating that illegal crypto ATMs can lead to scam activities in the United Kingdom.
FCA’s Steve Smart revealed his pessimism against cryptocurrency machines, stating that using crypto ATMs in Britain could mean sending money to criminals.
Smart added that neither machine operators nor the government will protect victims of crypto ATM scams.
UK has yet to approve ATM services
While the United Kingdom has over 40 authorized cryptocurrency firms, it is yet to license any to conduct ATM services. Thus, all ATMs serving crypto users operate illegally (FCA warned).
All cryptocurrency ATMs and exchanges should adhere to UK’s money laundering rules and secure an FCA license. An 8 July
report
from Clive Police Department shows how fraudsters impersonated police and scammed an unsuspecting user $6000, taking advantage of a
Bitcoin
ATM.
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FCA shuts down 26 crypto ATMs in the UK, cites illegal operations
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