The Financial Conduct Authority (FCAThe UK’s Financial Sector Regulation Authority (Finance Regulator) is going after unregistered Bitcoin automated teller machines.
The Financial Conduct Authority and West Yorkshire Police have taken legal action against a variety of locations within and around Leeds suspected of hosting illegally-operating cryptocurrency ATMs.
The Financial Conduct Authority (FCA), which announced the news on February 14, noted that no cryptocurrency ATM operators are licensed in the United Kingdom. According to the Financial Conduct Authority (FCA), all cryptocurrency exchange providers, including those operating cryptocurrency ATMs, must register with the FCA and comply with the United Kingdom’s money laundering legislation.
Mark Steward, the executive director of enforcement at the FCA was quoted as saying that illegal activity is being carried out by unregistered cryptocurrency ATMs operating in the United Kingdom. Steward stated that the FCA would continue to disrupt unregistered cryptocurrency companies in the country. Steward stated that cryptocurrency goods are “currently not regulated and high-risk,” and advised clients to expect to lose all their money if they choose to invest in crypto.
According to Lindsey Brants’ statements, local enforcement officers sent numerous warning letters to ATM operators requesting that they cease using them immediately. He stated that any violation of these restrictions would result in an investigation under money-laundering regulations.
Coin ATM Radar’s findings show that there are at most 28 sites offering Bitcoin ATMs in the UK. The FCA is expected to take significant action against cryptocurrency ATMs. The statistics show that London is home to more than half these locations, with additional locations in nearby cities such as Birmingham, Manchester, and Nottingham.
This is not the first time the Financial Conduct Authority has taken legal action against cryptocurrency ATMs in the United Kingdom. Similar announcements were made by the Financial Conduct Authority in March 2022 regarding the closure of Bitcoin ATMs within the country. They called for ATM operators to “close down” or face additional action. This announcement was made in relation to the cessation of Bitcoin ATMs within the country.
As of the writing of this article, 41 cryptocurrency companies have been registered with the Financial Conduct Authority in the United Kingdom. These platforms include Bitpanda and Zodia Custody as well as Revolut.
