The Financial Conduct Authority (FCA) of the United Kingdom has declared a continuation of its regulatory measures against unlawful crypto ATM operations in the UK.
The FCA has increased its regulatory operations in this unlawful industry since March, citing its investigation authorities under the Money Laundering Regulations Act of 2017.
The FCA’s Executive Director of Enforcement and Market Supervision, Therese Chambers, stated:
“Illegal to operate cryptocurrency ATMs without FCA registration.” The actions we’ve taken in recent months, as well as our broader efforts, demonstrate that we will take action to stop criminal activities.”
Chambers further emphasised the significance of these searches in increasing awareness of the dangers of illegal crypto ATMs, particularly given that the United Kingdom remains a region without a comprehensive regulatory framework for cryptocurrency and digital asset operations.
Crypto ATMs that are not regulated. These machines play an important role in the facilitation of money laundering and the movement of monies obtained through illicit activities.
Crypto ATM operators, according to the FCA, are a type of crypto asset exchange provider and are required by law to be legally registered and offer complete compliance with the UK Money Laundering Laws.
But, according to the UK regulatory authority, no crypto asset firm on its books has been allowed to offer crypto ATM services, making any crypto ATM operations in the UK illegal.
The FCA issued a statement in March advising these businesses to cease operations or face regulatory action. To that end, the regulatory authority published a list of unregistered crypto companies in order to guide customers’ investments.
Crypto ATM installations have been declining since the beginning of 2023. According to CoinATMRadar statistics, approximately 3,600 ATMs have been withdrawn or decommissioned since January 1st.
But, as expected, the United States remains the dominant force in this sector, with more than 29000 crypto ATMs and over 80% of the global market.
