- Britain’s Financial Conduct Authority shut down 26 crypto ATMs across the country.
- The ban was based on the allegations that the ATMs have been illegally offering cryptocurrencies.
- The FCA warned the public that their money could be lost during crypto ATM transactions.
The Financial Conduct Authority (FCA) of Britain has decided to shut down 26 cryptocurrency ATMs across the nation alleging illegal services. The authority claimed that these machines have been functioning illegally offering cryptocurrencies, and warned investors that their money could be lost during crypto ATM transactions.
The report dated July 11 stated that the FCA’s decision came following some recent incidents in distinct parts of the country. For instance, one person lost his money the previous day during a crypto ATM transaction. Though he paid thousand pounds into the ATM, he neither received back cryptocurrencies nor the amount paid.
Steve Smart, the joint executive director of FCA’s enforcement and market oversight apprised the crypto community of the dangers behind using crypto ATMs, stating:
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.
Following a detailed investigation, the FCA came forward with the decision to take action against the potentially dangerous crypto ATMs across Britain. Upon identifying the locations holding ATM machines, the authority inspected 34 regions suspected to have hosted the machines in 2023. As per the report, the FCA disrupted 26 illegally functioning crypto ATMs, in different locations.
The executive director reiterated that the public should be vigilant while doing crypto transactions involving machines, adding that they couldn’t be protected by the authority. He warned, “You will not be protected if something goes wrong, and you could lose your money.”
The United Kingdom has been taking endeavors to necessitate extensive laws to regulate the crypto industry in the country. In February 2023, the Treasury Department of the Kingdom announced the release of proposals regarding crypto regulation. Recently, in June, the FCA introduced a series of stringent rules for marketing crypto assets.
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