UK watchdog shuts more illegal cryptocurrency ‘machines’

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.