The UK’s FCA Shuts Down 26 Illegal Crypto ATMs
The UK’s Financial Conduct Authority (FCA) has taken action against illegal cryptocurrency ATMs, shutting down 26 out of 34 inspected ATMs this year. The FCA conducted a coordinated investigation with other law enforcement agencies and used its powers under money laundering regulations to disrupt these illegal operations.
Key Points:
– FCA warned illegal ATM operators to comply with regulations or dismantle their operations.
– 26 crypto ATMs were shut down after inspections in Exeter, Nottingham, and Sheffield.
– Steve Smart, joint executive director of enforcement and market oversight at the FCA, warned users of the dangers of using unregistered ATMs.
– The FCA believes illegal crypto ATMs pose a high risk and may facilitate money laundering.
– Mark Stewart, Executive Director of Enforcement and Market Oversight at the FCA, emphasized that crypto products are not regulated and are high-risk.
Closing Paragraph:
The FCA’s actions against illegal crypto ATMs demonstrate its commitment to stopping illegal activity in the cryptocurrency space. Users are urged to comply with regulations and avoid unregistered ATMs to protect their money from criminals. The UK government will continue to warn the public and take enforcement action against unregistered operators. It is clear that the UK takes a tough stance on illegal crypto ATMs and is actively working to disrupt unregistered crypto businesses.
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