The United Kingdom Financial Conduct Authority has taken strict measures against illegal bitcoin ATMs. FCA received information about unregistered bitcoin ATMs installed in East London. They have cracked down on the network of unregistered bitcoin ATMs.
It has released a detailed report on this incident and informed that in a joint operation with the police, they had identified several sites where these unregistered ATMs were installed and disrupted the chain of illicit networks.
According to the reports released by the Financial Conduct Authority, those who are not registered and not following FCA norms are illegal, and will take steps to stop this. Last month, the FCA did the same thing in Leeds when they took strict action against illegal bitcoin ATMs. Now this move will send a strong message to habitual offenders.
The FCA frequently cautions customers that crypto assets are high-risk and unregulated, which means they are doubtful to provide any protection if something goes wrong. This step by FCA was commended by experts and financial experts because it will make customers aware of the potential risks associated with these ATMs.
They have carried out these visits using investigative powers under the Money Laundering Regulations 2017. Operators of crypto ATMs in the UK must be registered with the FCA and adhere to the UK Money Laundering Regulations. Crypto asset exchange providers are also required to do so. This includes those that run cryptocurrency ATMs.
FCA has published a list of these unregistered ATMs for more transparency and security for customers. After back-to-back raids on these unregistered ATMs in recent months, the FCA has taken proactive steps to prevent any fraud due to this thing. This will help users to predict upcoming fraud and be prepared for any loss of money if something goes wrong.