UK FCA disrupts majority of cryptocurrency ATMs, warns against usage

The post UK FCA disrupts majority of cryptocurrency ATMs, warns against usage appeared first on Coinpedia Fintech News

The Financial Conduct Authority (FCA) has taken action against the majority of cryptocurrency ATMs inspected in the UK, disrupting 26 out of 34. The FCA has now published an ultimatum to all crypto ATM operators, urging them to comply with regulations or face being shut down. Steve Smart, joint executive director at the FCA, has warned against using these ATMs in the UK as they are operating illegally, potentially contributing to criminal activity. In response, the FCA and law enforcement agencies are investigating 36 crypto ATM locations to combat money laundering. Scammers are also posing as law enforcement officials to deceive individuals into transferring funds through these ATMs. Both crypto exchanges and ATMs in the UK must be registered with the FCA and comply with money laundering rules.