1. PixelPlaygroundHome
  2. Metaverse Insights

FCA Continues Crackdown on Unregistered Cryptocurrency ATMs

• Metaverse Insights • 147 views

as report goes, The Financial Conduct Authority (FCA) has announced that \”The unregistered cryptocurrency ATM took action. Last month, the FCA took action agai…

FCA Continues Crackdown on Unregistered Cryptocurrency ATMs

as report goes, The Financial Conduct Authority (FCA) has announced that “The unregistered cryptocurrency ATM took action. Last month, the FCA took action against the cryptocurrency ATM operating in Leeds. Today’s action is against the cryptocurrency ATM operating in East London. This action was taken in cooperation with the Metropolitan Police. Mark Steward, Executive Director of FCA Law Enforcement and Market Supervision, issued the following statement: The cryptocurrency ATM without FCA registration is illegal. As indicated today, we will take action to stop it Cases. This action, together with the action in Leeds last month, sent a clear message that we will continue to identify and destroy unregistered encryption services in the UK. Encryption products are currently unregulated and they are high-risk. If you invest in them, you should be prepared to lose all your money.

UK FCA: Will take further action on unregistered encrypted ATMs in East London

Analysis based on this information:


The Financial Conduct Authority (FCA) has announced its latest action against an unregistered cryptocurrency ATM operating in East London. This follows their action last month against a similar machine in Leeds, as they continue their crackdown on unregulated encryption services in the UK.

The FCA’s Executive Director of Law Enforcement and Market Supervision, Mark Steward, has clearly stated that any cryptocurrency ATMs operating without FCA registration are illegal. He emphasized that the crackdown was necessary due to the high risk associated with these unregulated encryption products.

The FCA’s actions are in line with its role to protect consumers and maintain stability in financial markets. It is important to note that currently, encryption products are unregulated, meaning that there is no legal framework within which cryptocurrency ATMs must operate. This left the door open for unscrupulous operators to potentially take advantage of consumers through fraudulent means.

However, the FCA’s proactive stance should reassure cryptocurrency investors that there is some form of regulatory oversight in the UK, and that they should approach any investment decision with caution. The FCA’s statement that those who invest in them should be prepared to lose all their money is a warning to anyone considering crypto investment.

In partnership with the Metropolitan Police, the FCA’s actions send a clear message to the industry that they will identify and shut down any unregistered cryptocurrency ATM or other unregulated encryption service providers.

In conclusion, the FCA’s crackdown on unregistered cryptocurrency ATMs addresses a significant concern for both investors and financial market stability. It demonstrates their ongoing commitment to protect consumers against potentially fraudulent operators, while also highlighting the need for a regulatory framework that encompasses encryption products to mitigate risk to investors.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/9078/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 03/08/2023 08:56
Next 03/08/2023 09:14

Recommended articles