The post UK Regulator Intensifies Crackdown on Crypto ATMs in Recent Months appeared first on Coinpedia Fintech News
The Financial Conduct Authority (FCA) conducted inspections of crypto ATMs in the U.K. during May and June, bringing the total number of sites inspected this year to 34. The FCA reported that it had identified 26 machines operating unlawfully across the country, which it referred to as “disruptions.”
The inspections were carried out in collaboration with the South West Regional Organized Crime Unit, as well as the police forces of Greater London, Bedfordshire, and Hertfordshire.
During the investigations, one incident came to light where a member of the public deposited £1,000 ($1,290) into a crypto ATM. Although the machine indicated that the transaction was unsuccessful, the funds were not returned.
FCA has been actively warning the public
Since March 2022, the Financial Conduct Authority (FCA) has been actively issuing warnings to the public, informing them that
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