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UK’s FCA Announces Continued Crackdown On Illegal Crypto ATM Operations

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The United Kingdom’s Financial Conduct Authority (FCA) has announced a continuation of its regulatory efforts against illegal crypto ATM operations in the UK. Since March, the FCA has ramped up its regulatory efforts on this illicit sector, citing its investigative powers under the Money Laundering Regulations Act of 2017.

FCA Conducts Latest Raid On Unregistered Crypto ATMs

According to a press release yesterday, the UK financial watchdog revealed its recent collaborative efforts with local authorities in shutting down unregistered crypto ATM operations in three cities, namely Exeter, Nottingham, and Sheffield.

Commenting on this development, Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, said:

“Crypto ATMs operating without FCA registration are illegal. The action we’ve taken over the past few months and wider work shows that we will act to stop illegal activity.”

Chambers also noted the importance of these raids in raising awareness of the risk of illegal crypto ATMs, especially as the UK is still a region lacking a comprehensive regulatory framework for cryptocurrency and digital assets operation.

Meanwhile, there is also a strong belief that these undocumented machines are commonly used for money laundering, as highlighted by the Head of Economic Crime at the Yorkshire and Humber Regional Organized Crime Unit (YH ROCU), Ramona Senior.

He said, “Our Regional Cyber Crime Unit officers are pleased to work jointly with the Financial Conduct Authority and other partner agencies to target the use of unregulated crypto ATMs. Machines such as these are a key component in the facilitation of money laundering and the movement of funds acquired through criminal activity.”

Interestingly, this latest enforcement action by the FCA follows similar raids on illegal crypto ATMs in cities such as East London and

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Author: Semilore Faleti

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