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FCA continues crack down on crypto ATMs

By Alexandra Leonards

The UK’s financial watchdog has announced it is continuing its crack down on illegal crypto ATMs.

The Financial Conduct Authority (FCA) said it has inspected several sites in East London suspected of hosting illegally operating crypto ATMs in a joint operation with the Metropolitan Police.

Crypto ATMs allow customers to buy or convert funds into cryptoassets.

Cryptoasset exchange providers, which includes crypto ATM operators, must be registered with the Financial Conduct Authority (FCA).

There are currently no operators with registration for these machines in the UK.

The move is part of the authority’s wider crack down on illegal crypto ATMs, with the FCA currently working with several law enforcement partners, including local police forces.

Last month the regulator gathered evidence from several sites around Leeds as part of partnership with West Yorkshire Police's Digital Intelligence and Investigation Unit last month.

The authority said that the operation, along with its actions in February, sends a clear message that it “will continue to identify and disrupt unregistered crypto businesses in the UK”.

“Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this,” said Mark Steward, executive director of enforcement and market oversight, FCA.“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.”

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