UK watchdog shuts more illegal cryptocurrency 'machines'

economictimes.indiatimes.com:

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.

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«You will not be protected if something goes wrong, and you could lose your money,» Smart said.