The UK's Financial Conduct Authority (FCA) is taking action against unregistered cryptocurrency ATMs.
According to the statement shared by the regulator, the FCA, backed by the Metropolitan Police, has conducted raids on several firms in east London allegedly involved in illegal cryptocurrency ATMs.
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Mark Steward, a spokesman for the agency, has 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 Office reported last year that not a single such device in the country was properly registered, meaning they are all operating illegally.
In the context of these events, crypto ATM manufacturer Kwik-Bit announced the suspension of its activities in the UK.
On February 15, the Yorkshire authorities and law enforcement conducted similar raids in Leeds.