Crypto ATMs On Chopping Block With UK Financial Watchdog's Relentless Pursuit Against Money Laundering

The Financial Conduct Authority (FCA), the U.K.'s financial watchdog, is intensifying its efforts to combat unregistered cryptocurrency ATMs.

What Happened: In a statement released on Friday, the FCA reported that it had conducted inspections in Exeter, Nottingham and Sheffield in collaboration with local police forces.

These cryptocurrency ATMs, which allow users to convert fiat currency into digital assets, are perceived as a risk for money laundering, and none have been registered with the FCA as required by law.

Therese Chambers, the FCA's executive director of Enforcement and Market Oversight, emphasized that operating cryptocurrency ATMs without FCA registration is illegal and that the authority will take action to halt such activities.

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While the FCA is currently examining the evidence obtained during the inspections, it has not outlined any potential subsequent steps.

These recent inspections follow enforcement actions taken in Leeds and East London in March.

Why It Matters: Although CoinATMRadar's website lists 17 crypto ATMs in the U.K., the FCA stated that none of the approximately 40 registered cryptocurrency firms have permission to provide such services.

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