UK watchdog shuts down more illegal cryptocurrency ‘machines’: details

of Britain Financial Conduct Authority It said on Tuesday it had shut down 26 machines across the country for illegally offering cryptocurrencies, warning consumers they could lose all their money.

A member of the public paid one thousand pounds at a crypto ATM in Sheffield, northern England, in an attempt to buy cryptocurrency but did not cryptocurrency or the funds were returned, the FCA said.

The watchdog inspected 34 places suspected of hosting in a coordinated operation with other law enforcement agencies crypto ATMs and 26 machines were “disrupted” since the beginning of this year.

Steve Smart, Joint Executive Director of Enforcement and Market Inspection at the FCA, said, “If you use a crypto ATM in the UK, you are using a machine that is operating illegally and you are giving your money to criminals.” can hand over.” statement.

“If something goes wrong, you won’t be protected and you could lose your money,” Smart said.

British consumers buying crypto assets will get a 24-hour “cooling-off” period for the first time since October under stricter marketing rules. Unveiled by the financial regulator in June.

Crypto assets like bitcoin have little direct regulation globally, but regulators are keeping a close eye after the FTX collapse last year, which saw millions of investors lose billions of dollars, some of them in the UK.

The Financial Conduct Authority (FCA) said that “refer a friend” bonuses for crypto buyers will also be abolished and that those promoting such assets will have to provide clear risk warnings and ensure advertising is clear, fair and non-misleading. Don’t be

© Thomson Reuters 2023

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