Financial Watchdog Cracks Down on Crypto ATMs in the U.K.
The Financial Conduct Authority (FCA) has conducted inspections on crypto ATMs in the U.K. in collaboration with law enforcement agencies. The crackdown has led to the inspection of 18 sites in May and June, bringing the total for the year to 34. The FCA has disrupted 26 machines operating unlawfully across the country.
Key Points:
- The FCA has conducted inspections on 18 crypto ATMs in the U.K. in May and June.
- The total number of inspections for the year is 34.
- The FCA has disrupted 26 machines operating unlawfully across the country.
- A member of the public lost £1,000 in a failed transaction at a crypto ATM.
- None of the more than 40 registered crypto companies in the U.K. are licensed to offer ATM services.
The FCA has been warning the public about the illegality of using crypto ATMs in the U.K. since March 2022. Users are not protected if they fall victim to scams or encounter issues with these machines. The FCA emphasizes that none of the registered crypto companies in the U.K. are authorized to offer ATM services. Despite this, there are still 10 crypto ATMs operating in the country.
Hot Take: The recent crackdown on crypto ATMs by the FCA highlights the risks associated with using these machines in the U.K. It is crucial for consumers to be aware that none of the registered crypto companies are licensed to offer ATM services. This serves as a reminder to exercise caution and conduct thorough research before engaging with crypto ATMs.
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