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UK Financial Regulator Expands Enforcement Against Crypto ATMs to East London

The FCA began taking action against illegal crypto ATMs last month, inspecting sites in the northern city of Leeds.

By Jamie Crawley
AccessTimeIconMar 8, 2023 at 10:09 a.m. UTC
Updated Mar 8, 2023 at 3:53 p.m. UTC
(Shutterstock)
(Shutterstock)
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The U.K Financial Conduct Authority has expanded its enforcement action against crypto ATMs, taking the investigation to East London after working with West Yorkshire Police to tackle crypto ATM operators in the northern city of Leeds.

The financial regulator is working with the Metropolitan Police and inspecting "several sites in East London suspected of hosting illegally operating crypto ATMs," said Wednesday.

All companies providing crypto services in the U.K. must be registered with the FCA for compliance with anti-money laundering and counter-terrorist financing rules. The regulator has previously said that none of the crypto asset businesses registered with it are authorized to provide ATM services. So any crypto ATMs operating in the country are doing so illegally.

Details about the number and location of sites were not provided. The FCA did not immediately respond to CoinDesk's request for further comment.

According to data from Coin ATM Radar, there are 18 bitcoin ATMs installed across the whole of the U.K.

Read more: Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M




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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Jamie Crawley
Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

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