UK Watchdog Announces Closure Of 26 Illegal Cryptocurrency Machines

In a well-coordinated operation with multiple other law enforcement agencies, the Financial Conduct Authority (FCA) conducted inspections at over 34 different locations in the UK.

The Financial Conduct Authority (FCA) said most of the machines offering cryptocurrencies were suspected of hosting crypto ATMs since the start of this year.

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The United Kingdom’s Financial Conduct Authority (FCA) on Tuesday announced it has shut down 26 machines all over the country for allegedly offering cryptocurrencies. It also issued a warning to consumers that they could lose their money and asked them to be careful. The FCA said a large number of people were involved in a transaction of thousands of pounds into a crypto ATM in northern England’s Sheffield earlier while attempting to purchase cryptocurrency, reported news agency Reuters. However, the authorities also said no cryptocurrency and related funds were returned to the public. 

In a well-coordinated operation with multiple other law enforcement agencies, the FCA conducted inspections at over 34 different locations. Most of them were suspected of hosting crypto ATMs since the start of this year. As mentioned earlier, the FCA also "disrupted" a total of 26 machines. 

Joint executive director of enforcement and market oversight at the FCA, Steve Smart, said, as quoted by Reuters, "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.”

In the same official statement, Smart also said, "You will not be protected if something goes wrong, and you could lose your money.”

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