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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