UK regulators have seized seven cryptocurrency ATMs during coordinated raids on four properties in southwest London. The operation was carried out jointly by the Financial Conduct Authority and the Metropolitan Police Service.
The FCA said it found and confiscated the ATMs as part of an investigation into unregistered crypto operations. In the UK, running a crypto exchange or ATM without FCA registration is illegal. It also breaches money laundering regulations, which can lead to criminal charges.
Two people were questioned under caution and later released while the investigation continues.
If youre operating a crypto ATM or exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term illegally, then you should expect serious consequences. There are currently no legally-operated crypto ATMs in the UK, so using one only supports crime, Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, commented.
You may find it interesting at FinanceMagnates.com: FCA Applies New Tech to Handle 3,200% More Financial Promotions Reviewed in Three Years.
=� FCA Cracks Down on Unlicensed Crypto ATMs in the UK =�Since 2023, the FCA has inspected 34 locations across the UK, shutting down 26 illegal crypto ATMs. =�
If you use a crypto ATM in the UK, you could be handing over your money to criminals, warns FCAs Steve Smart. �& pic.twitter.com/UWeDcf3m6L
Crypto B =Q (Never DM first)
