On September 10, the U.K. Financial Conduct Authority (FCA) announced that it charged an individual with, among other things, unlawfully operating a network of unregistered crypto-asset ATMs. Allegedly, the individual managed ATMs that processed 2.6 million pounds ($3.4 million) in crypto-asset transactions from December 2021 to September 2023. This is the FCA’s first criminal prosecution related to unregistered crypto-asset activities under the U.K. Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017. 

The FCA has been working in partnership with law enforcement agencies to disrupt crypto-asset ATMs operating illegally across the U.K. In 2023, the FCA disrupted 26 machines that were operating unlawfully. The FCA stated that there are no legal crypto-asset ATM operators in the U.K. and continues to tell consumers that crypto-assets are unregulated and considered high-risk.