Crackdown on Illicit London Crypto ATMs by UK Regulator

The UK’s Financial Conduct Authority (FCA) and the police conducted raids on suspected unregistered illegal cryptocurrency ATMs across east London. The move comes as the authorities escalate attempts to disrupt high-risk unregistered businesses believed to be a threat to consumers. The FCA has warned consistently that cryptocurrencies are unregulated and that investors must be prepared to lose all their money. Crypto ATMs allow users to buy or convert money into cryptocurrency. No CATM operators are currently registered with the FCA, leaving any operators in breach of British anti-money laundering regulations. Eventually, the FCA has asked CATM operators to close down the machines or face investigation. In 2020, CoinATMRadar, a website enabling users to search for CATMs globally, identified over 270 such cash points across the UK. The number has since dropped to 19 locations, 12 of which are in London.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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