FCA disabled illegally operated crypto machines - protection against dangers and awareness of the public

FCA disabled illegally operated crypto machines - protection against dangers and awareness of the public

The British financial supervisory authority Financial Conduct Authority (FCA) has carried out 34 inspections at suspicious locations in cooperation with other law enforcement agencies since the beginning of this year, at which presumably illegal crypto money machines have been hosted. As a result of this campaign, 26 machines that were operated illegally were deactivated.

The FCA has drawn the public aware of the dangers that are associated with the use of such non-authorized crypto money machines. It is possible to hand over money to criminals without legal protection. Steve Smart, the deputy director of the enforcement and market supervision of the FCA, warned the people of using these machines.

Smart emphasized that these machines work illegally and customers run the risk of losing their money without compensation. He said: "If you use a crypto monetary machine in Great Britain, you may use an illegally functioning machine and may pass your money on to criminals. You are not protected when something goes wrong and you can lose your money."

The measures of the FCA underline the importance of regulatory supervision in the area of ​​cryptocurrencies, especially with regard to the guarantee of customer security.

Non-authorized crypto cash machines pose risks for users. The lack of correct regulation enables illegal actions and potential fraud. The shutdown of these illegal machines should protect customers and send a clear signal to the operators who participate in non -authorized crypto transactions.

The cryptocurrency market continues to develop what makes it difficult for regulatory authorities to take action against illegal actions and to ensure the protection of dealers. The efforts of the FCA to take illegal crypto monetary machines contribute to the more comprehensive goal of creating a safe environment for people who want to act with digital property.

In May, the FCA announced that it would continue to act against illegal crypto cash machines in Great Britain. Therese Chambers, Executive Director of Enforcement and Market Oversight of the FCA, explained that non-registered crypto money machines are illegal and that the FCA will take measures to combat crime.

Chambers also emphasized the importance of these raids for the sensitization of the public for the risk of illegal crypto money machines, especially in view of the lack of complete framework for the operation of cryptocurrencies and digital property in the United Kingdom.

In the last 24 hours, the global cryptocurrency market has recorded an increase in market capitalization by 1.8% and has achieved a current value of $ 1.232 trillion. It is also important that regulatory authorities such as the FCA take measures to ensure the security of customers and to combat illegal activities in connection with crypto cash machines.