The FCA has announced a clamp down on crypto ATMs. In a joint operation with the Metropolitan Police, the FCA inspected several sites in East London suspected of hosting crypto ATMs, which are currently illegal.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said:
“Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this. This operation, alongside last month’s action in Leeds, sends a clear message that we will continue to identify and disrupt unregistered crypto businesses in the UK.”
Crypto ATMs allow people to buy or convert money into cryptoassets. There are currently no crypto ATM operators registered with the FCA, which they must be to operate legally. The FCA regularly warns consumers that there is no protection if things go wrong.
The FCA is currently working with the National Economic Crime Centre to plan and coordinate action with law enforcement partners against operators of illegal crypto ATMs. This follows similar activity in Leeds, where the FCA inspected several sites suspected of hosting unregistered crypto ATMs, alongside West Yorkshire Police.
The FCA is planning to review evidence gathered during these visits and is considering to take further action where necessary.