By Chris Dorrell
The Financial Conduct Authority (FCA) has clamped down on unregistered crypto ATMs in East London as it expands its efforts to shut down the illicit sector .
The FCA inspected several sites in a joint operation with the Metropolitan Police.
Crypto ATMs allow people to buy or convert money into cryptoassets. No crypto ATMs are currently registered with the FCA meaning they all operate illegally.
The FCA will review evidence gathered during these visits and consider taking further action where necessary.
Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, said: “Crypto ATMs operating without FCA registration are illegal and, as today shows, we will take action to stop this.
“This operation, alongside last month’s action in Leeds, sends a clear message that we will continue to identify and disrupt unregistered crypto businesses in the UK.”
The FCA has been taking a tough stance on crypto ATMs recently, working with local police to investigate and shut them down.
Last year the FCA wrote to crypto ATM providers, warning them to shut down or face further action.
Crypto more broadly has been subject to a regulatory crackdown with governments around the world targeting the underregulated sector.
In January the government announced its own intentions to “robustly” regulate the crypto sector.
The sector has faced accusations that it fails to maintain adequate standards. According to the FCA, around 85 per cent of crypto firms failed to meet minimum regulatory requirements when applying for registration.
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