The Financial Conduct Authority (FCA) of the United Kingdom is taking strict action to end the activities of unregistered crypto ATMs. FCA continues to carry out inspections along with the local police, which occurred in the cities of Exeter, Nottingham and Sheffield. This initiative is viewed as an attempt to stop money laundering activities through these types of ATMs.

The authorities are making sure that any activity within the cryptosphere needs to be entirely legal. FCA Executive Director of Enforcement and Market Oversight, Therese Chambers confirmed this by stating that "Crypto ATMs operating without FCA registration are illegal. We will act to stop illegal activity". In addition to this statement, the FCA is also reviewing evidence obtained from these inspections to take further action if required.

FCA’s previous intervention was in March, when it inspected East London and Leeds. According to CoinATMRadar webiste, there are currently seventeen crypto ATMs located in the United Kingdom. However, the FCA have declared that none of the forty registered crypto companies have the permission to provide this service.

The use of crypto ATMs is becoming increasingly popular since it is perceived as a convenient method for turning fiat currency into crypto. Despite its numerous benefits, these ATMs have become a possible medium for money laundering and other suspicious activities. Multiple actions taken by FCA has shown that the UK is determined to provide a secure environment for users to access and use cryptocurrency services.

The FCA is continuously implementing stricter measures to consolidate the crypto-space, ensuring the safety of the participants involved. With each action the authority takes, UK establishes itself as a leader in cryptocurrency regulation.



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