Question to the HM Treasury:

To ask His Majesty's Government what steps they are taking to ensure all illegal crypto ATMs are removed from retailers.

Cryptoasset exchange providers, which includes Crypto ATM operators, in the UK must be registered with the FCA and comply with the UK Money Laundering Regulations (MLRs). None of the cryptoasset firms registered with the FCA have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally.

The FCA has previously warned operators of crypto ATMs in the UK to shut their machines down or face enforcement action. Additionally, the FCA publishes a list of cryptoasset businesses that it suspects are operating without registration to help firms and customers make sure they only deal with registered firms.

The FCA works with the National Economic Crime Centre to plan and coordinate action with law enforcement partners in relation to operators of illegal crypto ATMs. Recently it has used its powers to inspect sites in Exeter, Nottingham and Sheffield suspected of hosting illegally operated crypto ATMs. This action follows the FCA’s inspection of several sites in East London and Leeds that were suspected of hosting unregistered crypto ATMs and is part of a continued crackdown on this illicit sector.

The FCA contact centre is the point of contact for people wishing to report Crypto ATMs. Contact details can be found on the FCA website in the ‘Contact Us’ section.