Connect with us

Hi, what are you looking for?

Editor’s Pick

FCA takes further action against unregistered crypto ATMs in East London

<?xml encoding=”utf-8″ ??>

In a joint operation with the Metropolitan Police, the Financial Conduct Authority inspected several ATM sites, using its enforcement powers.

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.’

Crypto ATMs allow people to buy or convert money into cryptoassets. There are currently no crypto ATM operators registered with the FCA, which they must be to operate legally.

The FCA is currently working with the National Economic Crime Centre to plan and coordinate action with law enforcement partners against operators of illegal crypto ATMs. This follows similar activity in Leeds, where the FCA inspected several sites suspected of hosting unregistered crypto ATMs, alongside West Yorkshire Police.

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

Nicola McKinney, Partner at Quillon Law, commented: “Criminal prosecutions may arise from these raids of illegal crypto ATMs, carried out under anti money laundering powers afforded to law enforcement, if seized documents point to evidence of fraud and digital asset crime. These powers are being used in a new context, and are likely to lead to a greater number of charges being brought against crypto fraudsters.

“It has taken the FCA almost a year to undertake enforcement action against illegal crypto ATMS since issuing warnings in early 2022 and, while it is reassuring to see that concrete steps have been taken to protect investors, it does not inspire confidence that measures such as these have taken so long.

“Crypto ATMs based in the UK are the only affected entities in this instance and the probability that the majority of transactions converting fiat currency to cryptocurrency take place through online providers, further complicates the job of regulators and enforcement agencies due to the jurisdictional complexities this presents.

“There is still much for UK regulators and law enforcement to do in policing this rapidly evolving sector, and as crypto crime becomes more sophisticated it will require greater cross-border cooperation to create a sufficient global regulatory framework.”

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



PHILIPPINE STAR/KRIZ JOHN ROSALES THE BANGKO SENTRAL ng Pilipinas (BSP) may consider a smaller 25-basis-point (bp) rate hike or even pause monetary policy tightening...


Telecommunications is considered a critical infrastructure under the implementing rules of Republic Act No. 11647, which amends the 85-year-old Public Service Act. — PHILIPPINE...


REUTERS THE PHILIPPINE banking sector is ready to withstand possible shocks arising from the recent failure of two midsized banks in the United States,...


PHILIPPINE STAR/EDD GUMBAN THE ECONOMY likely expanded by 7.1% in the first quarter, as consumption may have gotten a boost from higher remittances and...


MANILA Electric Co. (Meralco) is finalizing supply agreements to partially replace the 670 megawatts (MW) of lost capacity under a terminated contract with SMC...


A UNIT of Ayala-led ACEN Corp. opened its solar project’s first 521-megawatt direct current (MWdc) in Australia, which required the installation of about a...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.