Since the start of 2023, the UK Financial Conduct Authority (FCA) has visited and inspected 34 locations across the UK suspected of hosting crypto ATMs.
These visits have been part of a coordinated operation with other law enforcement agencies to crackdown on this illicit sector and have disrupted 26 machines operating unlawfully across the country.
A total of 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.
This action follows the FCA’s previous inspections of a number of sites across the UK including East London, and Leeds, Exeter, Sheffield and Nottingham that were suspected of hosting unregistered crypto ATMs.
The FCA regularly warns consumers that cryptoassets are unregulated and high-risk which means people are very unlikely to have any protection if things go wrong.
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. Failure to comply may be a criminal offence, punishable by up to 2 years in prison, a fine or both.
