• The Financial Conduct Authority (FCA) in the U.K has expanded its enforcement action against crypto ATMs, by working with the Metropolitan Police to inspect sites suspected of hosting illegally operating crypto ATMs in East London.
• All companies providing crypto services must be registered with the FCA for compliance with anti-money laundering and counter-terrorist financing rules.
• According to data from Coin ATM Radar, there are 18 bitcoin ATMs installed across the whole of the U.K.

UK Financial Regulator Expands Enforcement Against Crypto ATMs

The U.K Financial Conduct Authority (FCA) has begun taking action against illegal crypto ATMs, expanding their investigation beyond Leeds in Northern England to East London. Working with the Metropolitan Police, they have been inspecting „several sites“ in East London suspected of hosting these unregistered machines.

Crypto Regulation Requirements

All companies providing crypto services within the UK must be registered with the FCA for compliance with anti-money laundering and counter-terrorist financing regulations, as none of those currently registered are authorized to provide ATM services at this time. Despite this restriction, Coin ATM Radar reported that there are still eighteen bitcoin machines across all of Great Britain today.

Previous Action Taken By The FCA

The financial regulator first began taking action against illegal crypto ATMs last month when they inspected sites in Leeds alongside West Yorkshire Police forces. As a result, people using or operating any unauthorized cryptocurrency service may face criminal prosecution or civil sanctions depending on their role and severity of their case if found guilty by authorities.

What You Need To Know About Crypto ATMs

It is important to note that anyone using any unauthorized cryptocurrency services may face criminal prosecution or civil sanctions, depending on their role and severity of their case if found guilty by authorities so it is best practice to ensure you only use reputable providers who are properly licensed and regulated by an appropriate body such as the FCA before conducting any transactions involving cryptocurrencies through an ATM machine or other sources online/offline .

Conclusion

Ultimately, it remains critical for everyone involved in digital asset trading activities within the United Kingdom to adhere strictly to local laws and regulations governing operations including registration requirements set forth by governmental bodies like FCA otherwise risk facing potential legal consequences for noncompliance which could range from fines all way up jail time depending on situation at hand .