Use crypto ATMs and you risk losing your money, warns City watchdog

Those using unregistered crypto ATMs risk losing their money, the City watchdog warned yesterday.

The Financial Conduct Authority (FCA) said it is continuing to crack down on unregistered crypto ATMs in the UK.

The regulator has been visiting and inspecting locations across the UK suspected of hosting such machines.

Visits have been part of a co-ordinated operation with other law enforcement agencies, the FCA said. Crypto ATMs are physical machines that allow customers to buy and sell different crypto assets with cards or cash. 

The FCA has seen, and disrupted, machines in shopping centres, pubs, bars, restaurants, takeaways, hairdressers and barbers. The machines send or receive crypto assets from a person’s crypto wallet.

Steve Smart, from the FCA, said: ‘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.’