Several crypto ATMs in East London have been inspected by the FCA on suspicion that they were operating illegally. This action follows a recent crackdown in Leeds, where the regulator joined forces with the West Yorkshire Police’s Digital Intelligence and Investigation Unit to close a network of similar machines.

This FCA action was a joint operation with the Metropolitan Police, one undertaken in order to identify and disrupt unregistered crypto businesses operating in the UK and to prevent any potential money-laundering being carried out utilising these.

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

Disrupt crypto businesses

The regulator has currently teamed up with the National Economic Crime Centre to execute actions with law enforcement partners against operators of unregistered and illegal crypto ATMs. To operate legally, an ATM operator must be registered with the FCA. Which of today, non are.

“Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this.”

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA

”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“, Steward added. 

Further FCA action enforcement action is very likely once it has time to analyse its findings.