The Financial Conduct Authority (FCA), the financial regulator of the U.K., continues to tighten its crackdown on illegal crypto ATMs. The FCA recently announced that it has conducted inspections in Exeter, Nottingham, and Sheffield, in collaboration with the regional police. These machines, which convert fiat currency into cryptocurrency, are perceived as a significant threat for money laundering. None of them are registered with the FCA, which is a legal requirement, the regulator said in a statement on Friday.
According to Therese Chambers, the FCA’s Executive Director of Enforcement and Market Oversight, “Crypto ATMs operating without FCA registration are illegal. We will take action to stop such unlawful activities.” The FCA is currently evaluating the findings obtained from its inspection, but it has not yet indicated what further measures will be taken. The recent raids follow enforcement actions taken in Leeds and East London in March.
CoinATMRadar reports that there are 17 crypto ATMs in the U.K. Nevertheless, the FCA has emphasized that none of the approximately 40 registered crypto companies are authorized to offer this service.