The FCA has recently inspected sites in Exeter, Nottingham, and Sheffield suspected of hosting these illicit machines, which follow prior inspections in Leeds and East London.

Crypto ATMs allow users to buy or convert money into crypto assets, but no operators are currently registered with the FCA, rendering these machines illegal. As they are unregulated, users face high risks and potential losses in their investments. Illegal crypto ATMs facilitate money laundering and other criminal activities.

Therese Chambers, executive director of enforcement and market oversight at the FCA, said: “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.

“Besides disrupting unregistered crypto businesses, the joint efforts have helped raise awareness of illegally operated crypto ATMs in the UK among the public.

“This is especially important as crypto products are high risk and not currently regulated. That means you should be prepared to lose all your money if you invest in them.”

The FCA, in collaboration with the National Economic Crime Centre, will review the evidence gathered and coordinate further action against illegal crypto ATM operators.