This London Man's £2.6M Crypto ATM Scheme Just Blew Up in His Face
The UK's Financial Conduct Authority (FCA) has taken unprecedented action against an individual accused of running an illegal network of cryptocurrency ATMs.
The UK's Financial Conduct Authority (FCA) has taken unprecedented action against an individual accused of running an illegal network of cryptocurrency ATMs. As the market watchdog emphasizes, this is its first set of charges involving physical machines that allow for the buying and selling of digital assets.
At the same time, the FCA is reminding that “there are no legal crypto ATM operators in the UK.” Any such machines operate illegally, and those using them indirectly contribute to the global money laundering scheme.
Illegal Crypto ATM Network
A 45-year-old London resident faces charges for allegedly operating multiple crypto ATMs without FCA registration. These kiosks, which allow users to buy or convert money into , processed transactions totaling £2.6 million across various locations between December 2021 and September 2023.
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