Explore the information about the UK watchdog halting illegal cryptocurrency ATMs
The Financial Conduct Authority of Britain said it has shut down 26 machines nationwide for illegally selling cryptocurrency. It warned customers that they risked losing all of their money.
The FCA said that a public member attempted to purchase cryptocurrencies by depositing 1,000 pounds into a Sheffield, northern England, cryptocurrency ATM. However, neither the cryptocurrency nor the money was ever refunded.
Since the beginning of the year, the watchdog has conducted 34 inspections of places suspected of housing cryptocurrency ATMs in coordination with other law enforcement authorities and “disrupted” 26 machines.
Steve Smart, the FCA’s joint executive director of enforcement and market oversight, claims, “If you use a crypto ATM in the UK, you are using a machine that is operating illegally, and you could be handing your money over to criminals.”
