UK FCA Shuts Down 26 Crypto ATMs Following Coordinated Investigation
UK FCA shuts down 26 crypto ATMs following coordinated investigation

Investing in Crypto ATMs

Since the start of 2023, the Financial Conduct Authority (FCA) of the United Kingdom has “disrupted” 26 out of 34 crypto ATMs inspected. In February, the FCA issued an ultimatum to crypto ATM operators in the UK to either comply with regulations or close down illegal operations. To enforce this, the FCA, together with other law enforcement agencies, inspected 36 crypto ATM locations using powers under the Money Laundering Regulations 2017.

Steve Smart, joint executive director of enforcement and market oversight at the FCA, spoke against the use of crypto ATMs, warning that victims of scams involving these ATMs “will not be protected” by the government or the operator of the machines. 18 locations were inspected in May and June, shortly after the FCA publicly announced the inspection drive.

Now, investors can consider investing in crypto ATMs such as Shiba Inu, Dogecoin, Coins, Grt Crypto, Crypto Mining, Crypto FTX, FXStreet Crypto, EOS Crypto, and Deso Crypto. Moreover, to invest in Web 3.0, investors need to understand the risks involved and how to properly allocate their funds.

On July 8, Clive Police Department issued a report about a crypto scammer who managed to steal $6,000 from an unsuspecting victim by pretending to be a law enforcement officer and threatening with an arrest warrant. It is important to note that law enforcement agencies never contact individuals asking for payment over the phone or via crypto.

All crypto exchanges and ATMs must be registered with the FCA and comply with the UK Money Laundering Regulations. People who want to invest in the crypto market have multiple options such as Shiba Inu, Dogecoin, Coins, GRT Crypto, Crypto Mining, Crypto FTX, FXStreet Crypto, EOS Crypto, and DESO Crypto, as well as investing in Web 3.0.

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