The checks were carried out with the participation of local law enforcement agencies. Now the regulator is studying the collected information in order to decide on further actions. Therese Chambers, head of the FCA’s enforcement and oversight department, said that cryptomats not registered with the FCA are considered illegal, as they can be used for money laundering. Chambers recommended that local citizens refrain from using cryptomats, calling digital currencies unregulated assets with a high level of risk.
“Cryptomats can be a link in the chain of money laundering and movement of funds obtained as a result of criminal activity. Over the past months, we have carried out several checks and are ready to take measures to stop illegal activities, ”said the FCA top manager.
The FCA says that now not a single crypto ATM in the UK is registered, as required by law. A few months ago, the regulator carried out similar checks in East London and Leeds, under the Money Laundering Regulations 2017. Previously, operators of cryptomats have already been warned: if they continue to work in the country illegally, tough measures will be applied to the owners.
According to Coin Atm Radar, over the past three months, the number of ATMs installed in the world has decreased by 14%, despite the massive adoption of cryptocurrencies. This may be due to the prolonged bearish trend in the market.
Source: Bits
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