Payments

UK takes aim at unregistered crypto ATMs

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February 14, 2023

The Financial Conduct Authority of the U.K. is beginning to target unregistered cryptocurrency ATMs and has gone after sites in Leeds city that allegedly hold the machines, according to a report by Coin Telegraph.

"Unregistered crypto ATMs operating in the U.K. are doing so illegally," Mark Steward, executive director of enforcement, said in the report. He added that cryptocurrency products in general are "currently unregulated and high risk."

The FCA emphasized that all cryptocurrency ATMs must be registered and comply with money laundering laws. Lindsey Brants, a police detective sergeant, said law enforcement initially sent cease and desist letters to the operators.

"Any breach of regulations would result in an investigation under money-laundering regulations," Brants told the news outlet.

There are 28 locations that offer bitcoin ATMs in the U.K., with most located in London.

The FCA has issued registration to 41 cryptocurrency companies currently including Gemini, Bitpanda and Revolut.