UK Widens Crackdown on Unauthorized Crypto ATMs
Britain’s top financial regulator, the Financial Conduct Authority (FCA), has widened its crackdown on unauthorized cryptocurrency ATMs. “There are currently no crypto ATM operators registered with the FCA, which they mu...
Britain’s top financial regulator, the Financial Conduct Authority (FCA), has widened its crackdown on unauthorized cryptocurrency ATMs. “There are currently no crypto ATM operators registered with the FCA, which they must be to operate legally,” the regulator noted.
FCA Cracks Down on Illegal Crypto ATMsBritain’s top financial regulator, the Financial Conduct Authority (FCA), announced Wednesday that it has taken further action against unregistered crypto ATMs in East London in collaboration with the Metropolitan Police, the largest police force in the U.K.
The announcement followed a series of raids the FCA conducted in collaboration with the West Yorkshire Police on several sites suspected of hosting unregistered crypto ATMs around Leeds.
According to the regulator:
The FCA has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector.
“Crypto products are not currently regulated and they are high risk,” said Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA. He warned that anyone investing in them should be prepared to lose all their money. Steward emphasized:
Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this.
The FCA further said that it is currently working with the National Economic Crime Centre “to plan and coordinate action with law enforcement partners against operators of illegal crypto ATMs.”
The FCA regularly warns consumers that crypto assets are “unregulated and high-risk.” In the U.K., businesses offering crypto services, including crypto ATM operators, must be registered with the FCA and comply with the U.K. money laundering regulations. The FCA announcement clarifies:
There are currently no crypto ATM operators registered with the FCA, which they must be to operate legally.
What do you think about the British financial regulator cracking down on unauthorized cryptocurrency ATMs? Let us know in the comments section below.
Original source
Read on Bitcoin NewsRelated market context
SEC Plan to Scrap Rule 611 Could Be the Biggest Regulatory Unlock Yet for Crypto Tokenized US Stocks
The SEC just removed the single biggest legal obstacle standing between Crypto DeFi and US equity markets. On June 11, the agency...
Metaplanet Acquires Siiibo Securities in Push to Build Bitcoin Financial Ecosystem
Bitcoin Magazine Metaplanet Acquires Siiibo Securities in Push to Build Bitcoin Financial Ecosystem Metaplanet Inc., Japan’s large...
SpaceX’s IPO exposes the first crack in tokenized stocks – fragmented ownership and allocation
SpaceX priced its IPO at $135 per share on June 11, raised $75 billion in the largest public offering in history, and opened on Na...
Bitcoin faces one of its biggest mining difficulty drops as miner margins collapse
The Bitcoin network is poised to execute one of the largest downward adjustments to its mining difficulty in its 17-year history t...
SEC targets 20-year-old rule standing between Wall Street and blockchain trading
The Securities and Exchange Commission (SEC) is moving to dismantle a stock-trading rule that has governed Wall Street for two dec...
Crypto exchanges are opening a two-front war for the stock market
Binance, Kraken, Bybit, and Gemini are moving to add US stocks and ETFs to their crypto trading apps, making a direct play for the...