UK Authorities Bust More Illegal Crypto ATMs: Why It's Important

The U.K. Financial Conduct Authority (FCA) has extended its crackdown on unregistered crypto businesses in the country.

What Happened: In a joint operation with the Metropolitan Police, the FCA inspected several sites in East London suspected of operating illegal cryptocurrency ATMs.

The FCA's enforcement powers were used to conduct the inspection, which follows a similar operation in Leeds last month.

According to Mark Steward, executive director of Enforcement and Market Oversight at the FCA, cryptocurrency ATMs operating without registration with the regulator are illegal and the FCA will take action to stop them.

Steward added that this operation sends a clear message that the FCA will continue to identify and disrupt unregistered crypto businesses in the UK.

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Cryptocurrency ATMs allow people to buy or convert money into cryptocurrency assets, but currently, no cryptocurrency ATM operators are registered with the FCA, which is a requirement to operate legally.

Why It Matters: The FCA warned that cryptocurrency products are high risk and not currently regulated, and investors should be prepared to lose all their money if they invest in them.

The FCA is working with the National Economic Crime Centre to plan and coordinate action with law enforcement partners against operators of illegal cryptocurrency ATMs.

The regulator made it clear it will continue to take strong action against unregistered crypto businesses in the country.

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