LONDON (Reuters) – Britain’s Monetary Conduct Authority mentioned on Tuesday it has stopped 26 machines throughout the nation for illegally providing cryptocurrencies, warning shoppers they may lose all of their cash.
A member of the general public paid in 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 legislation enforcement businesses, inspected 34 places suspected of internet hosting crypto ATMs for the reason that begin of this yr and “disrupted” 26 machines.
“For those who use a crypto ATM within the UK, you might be utilizing a machine that’s working illegally and you might be handing your cash over to criminals,” Steve Sensible, joint government director of enforcement and market oversight on the FCA, mentioned in an announcement.
“You’ll not be protected if one thing goes unsuitable, and you would lose your cash,” Sensible mentioned.
(Reporting by Huw Jones; modifying by David Evans)
