Unregulated Crypto ATMs in London Cracked by FCA

Unregulated Crypto ATMs in London Cracked by FCA

A number of unregulated ATMs in London have sparked the FCA to act. The automated teller machines in question deal in cryptocurrencies and are allegedly unverified, and may be facilitating money laundering activities as well as other illicit practices. Located in Leeds, East London, these machined have been flagged by the FCA.

In an official press release the British regulator revealed that for months now it had been investigating crypto ATMs, and had reached a conclusions that many providers are essentially operating without approval, making them illegal.

It has taken the preliminary steps to blocking all access to East London-based ATM machines, like issuing warnings to the providers and demanding immediate action to suspend all operations. It has launched legal proceedings against those providers that have not complied to the FCA’s orders.

Mark Steward, FCA’s Executive Director of Enforcement and Market Oversight, commented that crypto ATMs without the FCA supervision are illicit, and that his agency will continue to crack these enterprises until all unapproved machines are brought down, or the providers agree to the FCA supervision.

Crypto ATMs have been popping up all over, not only in the UK but around many unexpected location around the globe, prompting many to question their legitimacy. The FCA is one of the major regulators to have taken notice of these shady practices, with other surely to follow suit.

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