The United Kingdom Financial Conduct Authority (FCA) continued its crackdown on illegal Bitcoin automated teller machines (ATMs) this week, announcing it had inspected several sites in East London suspected of hosting unregistered machines. As per an announcement by the FCA on March 8, the financial regulator stated that it had investigated several sites in the East London area alongside the Metropolitan Police, and would continue to “identify and disrupt” unregistered crypto ATM businesses in the UK. The latest development in the FCA’s ongoing battle against illegal ATM operators follows similar raids conducted in Leeds earlier this year, alongside the West Yorkshire Police’s Digital Intelligence and Investigation Unit.
Current Prime Minister of the United Kingdom, Rishi Sunak, laid out a comprehensive plan to make the UK a “global crypto asset technology hub” in early 2022, during his time serving as Chancellor of the Exchequer. Since then, the UK parliament introduced the Economic Crime and Corporate Transparency Bill, which extended police powers to make it easier to “seize, freeze and recover” cryptoassets in a bid to combat money laundering. This week’s raids by the FCA are part of the larger effort to crack down on illegal crypto operations in the UK.
Bitcoin ATMs exploded in popularity in 2021 in lockstep with the cryptocurrency market surge of that year, which saw Bitcoin, Ethereum, and the broader crypto market cap ascend to all-time highs. Over 2,000 Bitcoin ATMs were being installed monthly around the globe during the summer of 2021. However, that trend has since reversed, with 1,054 Bitcoin ATMs closing down between February and March of 2023 alone. According to global data from CoinATMRadar, there are currently 1,469 Bitcoin ATMs operating in the European region, of which just 18 are operational in the UK. There are 32,164 Bitcoin ATMs in the United States alone, amounting to 86% of the worldwide figure.
The United Kingdom Financial Conduct Authority is continuing to crack down on illegal Bitcoin ATMs in the UK. This follows the introduction of the Economic Crime and Corporate Transparency Bill, which extended police powers to make it easier to “seize, freeze and recover” cryptoassets in a bid to combat money laundering. Bitcoin ATMs have seen a resurgence in popularity in recent years, as the cryptocurrency market surged to all-time highs. However, the market has since reversed, with 1,054 Bitcoin ATMs closing down between February and March of 2023 alone. This week’s raids by the FCA are part of the larger effort to crack down on illegal crypto operations in the UK.
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You can read more about this topic here: Decrypt: FCA, Met Police Continue Bitcoin ATM Crackdown in East London
