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ARTICLE · 16 SEPTEMBER 2024

Illegal Crypto ATMs: Not As Uncommon As You'd Think

Gherson
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The FCA initiated its first criminal prosecution for unregistered crypto ATM operations, highlighting risks such as money laundering and tax evasion. Stronger regulations and enforcement are essential to combat illegal activity.

United KingdomCriminal Law
Gherson  
Gherson  

The FCA has brought the first criminal charges against an individual for alleged offences of running multiple crypto ATMs without FCA registration.

This marks the first attempted FCA prosecution against an individual relating to unregistered cryptoasset activity under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

The FCA has charged the individual with running multiple crypto ATMs without FCA registration.

A crypto ATM is an ATM, where crypto can be exchanged for cash and vice versa. Illegal cryptocurrency ATMs pose significant dangers and risks to society, largely due to their potential use in facilitating criminal activities, such as money laundering, tax evasion and financing illicit trades (e.g. drug trafficking and arms deals). These ATMs, when not properly regulated, can be exploited by criminals because of the anonymity and ease of use they provide.

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