FCA Takes Further Action Against Unregistered Crypto ATMs
Summary of Development
The FCA has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector.
In a joint operation with the Metropolitan Police, the FCA inspected several sites, using its enforcement powers.
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 products are not currently regulated and they are high-risk. You should be prepared to lose all your money if you invest in them.'
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 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 will review evidence gathered during these visits and consider taking further action where necessary.