• The UK financial watchdog, the Financial Conduct Authority (FCA), has taken legal action against unregulated crypto ATMs in London.
• The FCA has issued several warnings to unregistered crypto ATM providers in the UK region, ordering them to cease all operations immediately.
• The FCA believes that these unregistered crypto ATMs are high-risk and could be used for illicit activities such as money laundering.
UK Financial Regulator Cracks Down on Crypto ATMs
The UK’s Financial Conduct Authority (FCA) has recently taken legal action against unregulated crypto ATMs in London. The regulator has warned unregistered crypto ATM providers across the United Kingdom to cease operations immediately or face legal proceedings.
Crypto ATM Use On The Rise
Crypto ATMs have become increasingly popular over the past few years, allowing users to buy and sell digital assets like Bitcoin and Ethereum for cash. However, as these machines are not regulated or registered under any law, they are seen by regulators as a potential threat due to their potential use in money laundering activities.
FCA To Take Action Against Unregistered Crypto ATMs
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA released a press statement earlier today warning that “crypto ATMs operating without FCA registration is illegal” and that the authority “will take action to stop this”. In addition, the FCA is currently working with the National Economic Crime Centre and collaborating with law enforcement partners to inspect sites suspected of hosting illegal crypto ATMs across East London.
Regulators Trying To Keep Up With Crypto Industry Growth
As cryptocurrency adoption continues to grow rapidly around the world, various regulatory bodies including the FCA are attempting to keep up with developments in order to regulate them effectively. This includes putting an end to any illegal activities associated with cryptocurrencies such as money laundering using automated teller machines (ATM).
Conclusion
It remains unclear how effective these measures will be in curbing illegal activities involving cryptocurrency but it is clear that regulatory authorities around the world are taking steps towards regulating this industry more strictly than ever before.