FCA claimed to take further action against unregistered crypto ATMs in East London.

The Financial Conduct Authority

Financial markets must be honest, fair, and effective so consumers get a fair deal. It aimed to ensure that these markets work well for individuals, businesses, and the economy as a whole.

FCA do this by regulating the conduct of around 50,000 businesses

Prudentially supervising 48,000 firms

Setting specific standards for approximately 18,000 firms

On March 8, 2023, the Financial Conduct Authority (FCA) regulated the conduct of 50,000 firms in the UK to ensure that financial markets are honest, competitive, and fair. The Financial Conduct Authority (FCA) has used its powers to inspect several sites in East London suspected of hosting illegally operating crypto ATMs, as it continues its crackdown on the illicit sector.

In a joint operation with the Metropolitan Police, the FCA inspected several sites, using its enforcement powers, Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said: ‘Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this. ’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. ’Crypto products are not currently regulated and they are high risk. You should be prepared to lose all your money if you invest in them.'

Crypto ATMs allow people to buy or convert money into crypto assets. There are currently no crypto ATM operators registered with FCA. FCA acquires all Crypto ATMs operating in the UK must be legal.

The FCA is currently working with the National Economic Crime Centre to plan and coordinate action with law enforcement partners against operators of illegal crypto ATMs. This follows similar activity in Leeds, where the FCA inspected several sites suspected of hosting unregistered crypto ATMs, alongside West Yorkshire Police.