UK Watchdog Targets Crypto ATM Operators
LONDON, UK – Britain’s Financial Conduct Authority (FCA) has partnered with the West Yorkshire Police to crack down on unregistered ATMs which could be used for money laundering, the FCA announced Tuesday.
FCA Executive Director Mark Steward stated, “Crypto businesses operating in the UK need to be registered with the FCA for anti-money laundering purposes. However, crypto products themselves are currently unregulated and high-risk.”
Detective Sgt. Lindsey Brants of West Yorkshire Police was quotedsaying, “Warning letters were issued requesting the operators cease and desist using the machines and that breach of regulations would result in an investigation.”
On Nov. 3, 2022, the FCA posted an open letter stating that the ATM operators “shut down or face further action.” That post also cited a list compiled by the FCA of crypto ATM operators. After it was published, 110 operators shut down their ATMs, but many more remain in operation.
Crypto ATMs are used by customers to convert cash into crypto and vice-versa. There are currently no registered crypto ATM operators in the UK.
