Financial Watchdog Shuts Down Dozens of Crypto ATMs in the U.K. This Year
Bad News:
– British authorities have discovered more illegal crypto ATMs in the United Kingdom.
– The inspections were conducted by the FCA, along with other law enforcement agencies, to crack down on this illicit sector.
– Since the beginning of 2023, the FCA has visited 34 locations and disrupted 26 crypto ATMs operating unlawfully.
Good News:
– The FCA vows to take more action against unregistered crypto ATM operators.
– The FCA warns that using a crypto ATM in the U.K. means you are using a machine that is operating illegally and you risk handing your money over to criminals.
– Crypto assets are unregulated and high-risk, and users are unlikely to be able to contact the operator of an ATM and resolve any problems.
Hot Take:
– It’s important to be cautious when using crypto ATMs in the U.K. as they may be operating illegally and put your money at risk. The FCA is cracking down on unregistered operators to protect consumers. Remember to always do your research and ensure you are using a regulated and safe platform for your crypto transactions. Stay informed and stay safe!
Financial Watchdog Shuts Down Dozens of Crypto ATMs in the U.K. This Year
FCA Vows to Take More Action Against Unregistered Crypto ATM Operators
The FCA has been on a mission to shut down illegal crypto ATMs in the U.K. They have recently inspected more sites suspected of hosting unregistered ATMs, working together with law enforcement agencies. This crackdown is aimed at protecting consumers from handing their money over to criminals.
Using a crypto ATM in the U.K. means you are using a machine that is operating illegally. This puts your money at risk, as you will not be protected if something goes wrong. The operator of an ATM may be unreachable to resolve any issues. The FCA warns that crypto assets are unregulated and high-risk.
It is crucial for crypto exchange providers, including ATM operators, to register with the FCA and comply with money laundering rules. The number of new crypto ATMs installed in 2022 was three times smaller than the previous year, indicating a decline in the industry. Global bitcoin ATM numbers dropped by almost 14% since December 2022.
To stay safe, make sure to use regulated and safe platforms for your crypto transactions. The FCA is committed to taking further action against unregistered crypto ATM operators. Stay informed and protect your money in this high-risk sector.
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