UK financial watchdog announces inspections against sites with suspected illegal crypto ATMs

The United Kingdom’s Financial Conduct Authority, or FCA, has announced the inspection of sites across the country “suspected of hosting illegally operated crypto ATMs.”

In a May 5 announcement, the FCA said it had coordinated with local authorities in the cities of Exeter, Nottingham and Sheffield to raid facilities suspected of operating unregistered cryptocurrency ATMs. The enforcement action followed similar operations from March in East London and February around the city of Leeds, where the FCA said it had issued warnings or cease-and-desist requests to suspected crypto ATM operators.

“The action we’ve taken over the past few months and wider work shows that we will act to stop illegal activity,” said Therese Chambers, executive director of enforcement and market oversight of FCA. “Besides disrupting unregistered crypto businesses, the joint efforts have helped raise awareness of illegally operated crypto ATMs in the UK among the public.”

Related: FCA officials tell UK parliamentary committee crypto regulation is unavoidable

FCA authorities cited its powers under the U.K.’s Money Laundering Regulations from 2017 in conducting the inspections. According to the financial watchdog, it planned to review evidence gathered and “consider taking further action where necessary.”

According to data from CoinATMRadar, there were more than 15 crypto ATMS in the U.K. at the time of publication by operators including Big Sea Coins, BD ATMs, Cryptobitecoin and Computer House. It’s unclear whether any were registered under the FCA.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

All Dutch and English crypto news!

Atomic Wallet hack losses top $35M, on-chain sleuth reports

At least $35 million worth of crypto assets have been stolen from Atomic Wallet users since June 2, according to an analysis from on-chain sleuth...

Cryptocurrency markets’ low volatility: A curse or an opportunity?

Cryptocurrency markets are well-known for their volatility, where large price swings help investors create or lose fortunes. Yet there are often periods of relative stability...

5 free ChatGPT and generative AI courses

In the realm of technology, becoming proficient in using the most recent generation of generative artificial intelligence (AI) tools has quickly become essential. These tools, like ChatGPT...

Hack bij Atomic Wallet? Volledige crypto portfolio’s verdwenen

Een waarschuwing voor iedereen die gebruik maakt van crypto-wallet Atomic Wallet: er lijkt een hack te zijn. Gebruikers laten weten dat in sommige gevallen al...

Beste exchanges

Koop je crypto bij Bitvavo