• The Financial Conduct Authority (FCA) of the U.K. has widened its crackdown on unauthorized cryptocurrency ATMs in East London, working with the Metropolitan Police.
• There are currently no crypto ATM operators registered with the FCA and businesses offering crypto services must comply with money laundering regulations.
• The FCA warned that anyone investing in crypto assets should be prepared to lose all their money as they are „unregulated and high-risk.“
U.K Widens Crackdown on Unauthorized Crypto ATMs
Britain’s top financial regulator, the Financial Conduct Authority (FCA), has widened its crackdown on unauthorized cryptocurrency ATMs. The FCA noted that there are currently no crypto ATM operators registered with the FCA, which they must be to operate legally.
Raids on Sites Suspected of Hosting Illegal Crypto ATMs
The 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. Previous raids were conducted by the West Yorkshire Police on several sites suspected of hosting unregistered crypto ATMs around Leeds.
Crypto Products Are High Risk
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA commented: „Crypto products are not currently regulated and they are high risk.“ He warned that anyone investing in them should be prepared to lose all their money and emphasized that: „Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this.“
Compliance With Money Laundering Regulations
The FCA clarified that businesses offering crypto services, including crypto ATM operators, must be registered with the FCA and comply with U.K money laundering regulations.
Warning Against Investing In Crypto Assets
The FCA regularly warns consumers that investing in cryptocurrency is a risky endeavor as they are „unregulated and high-risk“. Consumers should always do their research before investing as there is no guarantee of any return or protection from losses incurred due to market volatility or other risks associated with cryptocurrencies