The Financial Conduct Authority (FCA) crackdown against crypto ATMs in the U.K. saw another 18 sites inspected in May and June to bring the total for the year to 34. In total the regulator said it has "disrupted" 26 machines operating unlawfully across the country.
The financial watchdog conducted the inspections in conjunction with the South West Regional Organized Crime Unit and the police forces of Greater London, Bedfordshire and Hertfordshire.
In one case, a member of the public paid 1,000 British pounds ($1,290) into a crypto ATM and, even though the machine said the transaction was unsuccessful, no funds were returned.
The FCA has issued various warnings since March 2022 informing the public that any crypto ATMs in the country are operating illegally and that consumers will not be protected if they use one and something goes wrong, such as them falling victim to a scam.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.