Skip to content
City PM
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Opinion
Wednesday 08 March 2023 6:29 pm

FCA clamps down on illegal crypto ATMs in East London

By: Chris Dorrell

Add as a preferred source on Google
The FCA inspected several sites in a joint operation with the Metropolitan Police.

The Financial Conduct Authority (FCA) has clamped down on unregistered crypto ATMs in East London as it expands its efforts to shut down the illicit sector . 

The FCA inspected several sites in a joint operation with the Metropolitan Police. 

Crypto ATMs allow people to buy or convert money into cryptoassets. No crypto ATMs are currently registered with the FCA meaning they all operate illegally. 

The FCA will review evidence gathered during these visits and consider taking further action where necessary.

Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA, 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 FCA has been taking a tough stance on crypto ATMs recently, working with local police to investigate and shut them down. 

Last year the FCA wrote to crypto ATM providers, warning them to shut down or face further action. 

Crypto more broadly has been subject to a regulatory crackdown with governments around the world targeting the underregulated sector. 

In January the government announced its own intentions to “robustly” regulate the crypto sector.

The sector has faced accusations that it fails to maintain adequate standards. According to the FCA, around 85 per cent of crypto firms failed to meet minimum regulatory requirements when applying for registration.

Read more

Premier League clubs warned crypto deals could be worthless in a year

Man in business suit speaking at a conference podium, addressing a large audience in a modern convention center.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News
  • Blockbeat

Categories

  • Crypto

Related Topics

  • Crypto A.M.
  • Crypto currencies
  • cryptocurrency

Trending Articles

  • Two solicitors linked to Post Office scandal charged with misconduct

  • Revealed: Secret Treasury plan to tax State Pension before it is paid out

  • Clarkson’s Farm and why businesses must stop blaming the weather

  • As it happened: Stocks tumble after Apple rattles global markets; UK food exports hit by US tariffs

  • Barclays and Lloyds join banking sector plan for digital ID

More from City PM

  • Premier League clubs warned crypto deals could be worthless in a year

    Sport Business
    Man in business suit speaking at a conference podium, addressing a large audience in a modern convention center.
  • Revolution Beauty shares glitter after it emerges from FCA probe

    Markets
    Scandal-stricken Revolution Beauty has raised its profit guidance for the year, as it ploughs ahead with plans to reach £1bn in retail sales over the next six years. 
  • ‘We do not accept the FCA’s characterisation’: Neil Woodford firm responds to watchdog

    Investing
    Neil Woodford and Woodford Investment Management have been handed a £46m fine by the FCA
  • FCA seeks injunction against Neil Woodford over ‘unauthorised’ investment advice

    Investing
    Neil Woodford and Woodford Investment Management have been handed a £46m fine by the FCA
  • Banks ‘not ready’ for motor finance scheme, says City watchdog

    Banking
    Nikhil Rathi, chief executive of the FCA.
  • London Stock Exchange boss accuses FCA of ‘playing fast and loose’ as she warns government may have to ‘step in’

    Markets
    Julia Hoggett speaking at a business conference podium, emphasizing key financial strategies and market insights.
  • FCA looks to check power of investment trust boards after Saba uproar

    Investing
    The FCA launched a consultation on the regime for hedge funds and alternative investment managers.
  • ‘Very concerned’: City watchdog scolds motor finance lenders over £9bn redress scheme

    Banking
    FCA sign

City PM — European politics, business and analysis.

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Topics

  • Business
  • Markets
  • AI
  • Technology
  • Opinion
  • Energy

More

  • Politics
  • Economics
  • Fintech
  • Legal
  • Sport
  • Life

Company

  • About City PM
  • Editorial Policy
  • Corrections
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2026 City PM · Published by CityPM Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
About · Editorial Policy · Corrections · Contact · Privacy