People using unregistered cryptocurrency ATMs risk handing their money to criminals, a financial regulator has warned.
In a joint effort with law enforcement agencies, the Financial Conduct Authority (FCA) has disrupted 26 crypto ATMs, operating unlawfully across the country.
Users can buy and sell cryptocurrency in exchange for cash or with a debit card when using a crypto ATM. Although they resemble regular teller machines, crypto ATMs don’t connect to a bank account, but instead link with the user’s digital wallet to process the transaction.
Most ATMs will require the user’s phone number to verify their identity, while some request further verification….