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The Financial Conduct Authority (FCA) in the UK announced on Tuesday (July 11, 2023)that it has intervened to shut down 26 cryptocurrency machines operating illegally across the country. The regulator warned consumers that using these machines poses a risk of losing all of their money.
One incident cited by the FCA involved an individual who deposited £1,000 into a crypto ATM in Sheffield, northern England, with the intention of purchasing cryptocurrencies. However, no cryptocurrencies or funds were received in return.
In collaboration with other law enforcement agencies, the FCA conducted inspections at 34 locations suspected of hosting crypto ATMs since the beginning of the year and took action against 26 machines.
Steve Smart, Joint Executive Director of Enforcement and Market Oversight at the FCA, emphasized that using crypto ATMs in the UK is a violation of the law and may result in handing money over to criminals.
“If you use a crypto ATM in the UK, you are using a machine that is operating illegally, and you may be handing your money over to criminals,” Smart stated in a press release.
He further cautioned users that they will not be protected if something goes wrong with these machines, and there is a significant risk of losing their money.
The FCA’s action against these illegal cryptocurrency machines is part of its ongoing efforts to safeguard consumers and maintain the integrity of the financial system. The regulator urges individuals to exercise caution and only engage in cryptocurrency transactions through authorized and regulated platforms to ensure the protection of their funds.
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