May 5 (Cointime) -  The Financial Conduct Authority (FCA), which regulates financial services in the United Kingdom, has disclosed that it is conducting investigations into locations throughout the country believed to be facilitating the use of unlicensed cryptocurrency ATMs.

On May 5, the FCA said that it had collaborated with Exeter, Nottingham, and Sheffield local authorities to search sites suspected of operating unregistered crypto ATMs.   

“Crypto ATMs operating without FCA registration are illegal. The action we’ve taken over the past few months and wider work shows that we will act to stop illegal activity,” said Therese Chambers, FCA Executive Director of Enforcement and Market Oversight. “Besides disrupting unregistered crypto businesses, the joint efforts have helped raise awareness of illegally operated crypto ATMs in the UK among the public.”