Dive into the mysterious world of cryptocurrencies, where Bitcoin ATMs are at the heart of a ruthless hunt. Today, the UK’s Financial Conduct Authority (FCA) is stepping up its crackdown by shutting down a further 20 crypto ATMs.
The FCA’s announcement came as a bombshell : 26 ATMs have been put out of business for “illegally” offering crypto-currencies such as Bitcoin. The FCA conducted inspections at 34 locations across the country, suspecting these machines of housing unregulated crypto ATMs. According to the watchdog agency, citizens run the risk of “losing all their money” by using these illegal machines. Last year, the FCA had already warned that no such ATMs were registered with its services.
Imagine using a crypto ATM in the UK, thinking you’re getting a good deal, but in reality, you’re putting your money in the hands of criminals. Steve Smart, joint executive director of enforcement and market surveillance at the FCA, warns users to beware of these illegal machines. According to him, one investor has already lost £1,000 trying to buy cryptos via a Sheffield ATM.
Make sure you use regulated Bitcoin ATMs
The FCA keeps hammering home the same warning: you’re not protected if something goes wrong, and you risk losing your money. A warning that sounds like a clarion call in the ever-evolving crypto landscape.
According to CoinATMRadar, over 36,000 Bitcoin ATMs are currently installed worldwide. However, in the UK, only 10 are listed, 7 of which are in London. The battle for regulation and security in the cryptocurrency sector is ongoing, and the UK authorities are determined to put an end to illegal operations and protect investors.
So stay vigilant when diving into the world of crypto ATMs. Make sure you use regulated machines to protect your money and avoid unpleasant surprises. The FCA is keeping a watchful eye, ready to continue its fight against Bitcoin ATMs operating outside established norms.