Crypto ATMs worth £2.6m fail to operate, those behind them prosecuted: Details here
This is the first case of its kind involving the use of physical devices to buy and sell digital assets, according to the authority.
The Financial Conduct Authority confirmed that there is no legal operator of cryptocurrency ATMs in the UK, and any such machine is operating illegally.
The authority also explained that those who use these machines are indirectly contributing to money laundering operations at a global level.
Details:
A 45-year-old man from London is accused of operating several cryptocurrency ATMs without obtaining registration from the Financial Conduct Authority.
The devices allowed users to buy cryptocurrencies or transfer money to digital currencies, with transactions totalling around £2.6 million between December 2021 and September 2023.
This is the first criminal prosecution by the FCA of unregistered cryptocurrencies under the Money Laundering Regulations 2017.
This case sets a legal precedent, as it is the first time a person operating a network of cryptocurrency ATMs has been charged in the UK.