UK watchdog shuts more illegal cryptocurrency 'machines'
Technology
Financial Conduct Authority inspected 34 locations suspected of hosting crypto ATMs
LONDON (Reuters) - Britain's Financial Conduct Authority said on Tuesday it has stopped 26 machines across the country for illegally offering cryptocurrencies, warning consumers they could lose all of their money.
A member of the public paid in a thousand pounds into a crypto ATM in Sheffield, northern England, in an attempt to buy cryptocurrencies, but no cryptocurrency or funds were returned, the FCA said.
The watchdog, in a coordinated operation with other law enforcement agencies, inspected 34 locations suspected of hosting crypto ATMs since the start of this year 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 executive director of enforcement and market oversight at the FCA, said in a statement.
"You will not be protected if something goes wrong, and you could lose your money," Smart said.
