UK’s Financial Authority shuts down unregistered cryptocurrency machines

The cryptocurrency market is huge and famous among people. There are popular cryptocurrencies on the market, such as Bitcoin, Ethereum, Litecoin, and Altcoin.

According to UK's Financial Authority press release it The Financial Conduct Authority(FCA) continues crackdown on unregistered crypto ATMs in the UK. FCA stated that Since the start of 2023, the Financial Conduct Authority (FCA) has visited and inspected 34 locations across the UK suspected of hosting crypto ATMs.The FCA has previously warned operators of crypto ATMs in the UK to shut their machines down or face enforcement action.

Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, said: 'If you use a crypto ATM in the UK, you are using a machine that is operating illegally and you may be handing your money over to criminals. 'You will not be protected if something goes wrong, and you could lose your money.

'We will continue to warn the public and take appropriate enforcement action against unregistered crypto ATM operators.'

18 sites suspected of operating crypto ATMs across the UK were inspected over May and June by the FCA, South West Regional Organised Crime Unit, Bedfordshire Police, Hertfordshire Police and the Metropolitan Police.

FCA added that Cryptoasset exchange providers in the UK must be registered with the FCA and comply with the UK Money Laundering Regulations. This includes operators of crypto ATMs.

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