UK watchdog shuts 26 illegal cryptocurrency machines in coordinated operation

Britain’s Financial Conduct Authority mentioned on Tuesday it has stopped 26 machines throughout the nation for illegally providing cryptocurrencies, warning customers they may lose all of their cash.

A member of the general public paid a thousand kilos right into a crypto ATM in Sheffield, northern England, in an try to purchase cryptocurrencies, however no cryptocurrency or funds have been returned, the FCA mentioned.

The watchdog, in a coordinated operation with different regulation enforcement companies, inspected 34 areas suspected of internet hosting crypto ATMs for the reason that begin of this 12 months and “disrupted” 26 machines.

“If you use a crypto ATM in the UK, you are using a machine that is operating illegally and you may be handing your money over to criminals,” Steve Smart, joint govt director of enforcement and market oversight on the FCA, mentioned in an announcement. “You will not be protected if something goes wrong, and you could lose your money.”

Stay on prime of know-how and startup news that issues. Subscribe to our each day publication for the most recent and must-read tech news, delivered straight to your inbox.