FCA locates several banned crypto ATMs in East London

In a wider crackdown on crypto ATMs operating in the UK, the Financial Conduct Authority (FCA) has used its intelligence to locate several sites operating in East London. 

The UK financial regulator revealed in a joint operation with the Metropolitan Police that they suspect several crypto ATMs to be in use in East London and therefore should be shut down, as they are deemed banned by the FCA. 

The financial watchdog denounced crypto ATMs operating in the country last year as part of a wider crackdown on the digital currency transaction machines, whilst also warning crypto companies to register with the FCA. 

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said: “Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this.  

“This operation, alongside last month’s action in Leeds, sends a clear message that we will continue to identify and disrupt unregistered crypto businesses in the UK.  

“Crypto products are not currently regulated and they are high risk. You should be prepared to lose all your money if you invest in them.”

Last February, the FCA enacted against several crypto ATMs in Leeds, West Yorkshire, shutting them down and doubling down on their stance against them. 

After the latest crackdown in East London, the FCA revealed it is currently working with the National Economic Crime Centre to plan and coordinate action with law enforcement partners against operators of illegal crypto ATMs. 

The FCA has outlined that it will review evidence gathered during these visits and consider taking further action where necessary.