FCA Raids Suspected Illegal Crypto ATMs Across UK

The Financial Conduct Authority (FCA) in the United Kingdom has conducted raids on suspected illegally operated cryptocurrency ATMs across the country. The FCA coordinated with local authorities in Exeter, Nottingham, and Sheffield to inspect facilities suspected of operating unregistered crypto ATMs. The enforcement action follows similar operations in East London in March and around Leeds in February, where the FCA issued warnings or cease-and-desist requests to suspected crypto ATM operators. The FCA cited its powers under the UK's Money Laundering Regulations from 2017 to conduct the inspections. The financial watchdog plans to review the evidence gathered and "consider taking further action where necessary."

Therese Chambers, executive director of enforcement and market oversight of FCA, said, "The action we’ve taken over the past few months and wider work shows that we will act to stop illegal activity. Besides disrupting unregistered crypto businesses, the joint efforts have helped raise awareness of illegally operated crypto ATMs in the UK among the public."

CoinATMRadar data shows that there were over 15 crypto ATMs in the UK at the time of publication, operated by companies such as Big Sea Coins, BD ATMs, Cryptobitecoin, and Computer House. It is unclear whether any of these were registered under the FCA.