Use crypto ATMs and you risk losing your money, warns City watchdog
Use crypto ATMs and you risk losing your money, warns City Watchdog as it cracks down on unregistered machines
Crackdown: The FCA said it will continue to crack down on unregistered crypto ATMs in the UK
Those who use unregistered crypto ATMs risk losing their money, the city watchdog warned yesterday.
The Financial Conduct Authority (FCA) said it continues to crack down on unregistered crypto ATMs in the UK.
The regulator has visited and inspected sites across the UK suspected of hosting such machines.
Visits were part of a coordinated operation with other law enforcement agencies, the FCA said. Crypto ATMs are physical machines that allow customers to buy and sell various crypto assets using cards or cash.
The FCA has seen and disrupted machines in shopping centres, pubs, bars, restaurants, takeaways, hairdressers and hairdressers. The machines send or receive crypto assets from a person’s crypto wallet.
Steve Smart, from the FCA, said: ‘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.’