FCA raids to crack down on unregistered Bitcoin ATMs in London

The UK’s Financial Conduct Authority (FCA) has continued to crack down on unregistered crypto ATMs. This was reported on the regulator’s website.

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The statement said that the regulator, with the support of the metropolitan police, conducted raids at several East London companies, reportedly linked to illegal Bitcoin ATMs.

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“Cryptocurrency ATMs operating without FCA registration are illegal, and authorities will take measures to stop their spread. We will continue to identify and suppress the activities of unregistered crypto businesses in the United Kingdom,” said the regulator’s spokesman Mark Steward.

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A year ago, the regulator noted that no such device in the country was properly registered, and therefore all of them were operating illegally.

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Against this backdrop, the crypto ATM manufacturer Kwik-Bit told Decrypt that it had paused operations in the United Kingdom.

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On 15 February, the regulator and law enforcement in Yorkshire conducted similar raids in Leeds.

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On 6 March, the executives of S&P Solutions were accused of installing unlicensed Bitcoin ATMs in the United States, which were used for fraud.

Earlier in February, the Coin Cloud operator filed for bankruptcy bankruptcy filing. It operated more than 4,000 devices.