The UK Financial Conduct Authority (FCA) has cracked down on a large number of Crypto ATM operators who have failed to comply with the requirements of registration set out under the Money Laundering Regulations 2017. The regime, which came into force on 10 January 2020, aims to address concerns around money laundering in the crypto asset industry.
Despite the regime being in place for three years, many Crypto ATM operators have failed to comply with their legal obligations, prompting the FCA to act. This crackdown serves as a wake-up call for legitimate businesses in the crypto asset industry to review and comply with their legal obligations.
The FCA's action highlights the importance of adhering to regulations in the crypto asset industry. It is crucial for businesses to take their legal obligations seriously and implement appropriate measures to prevent money laundering and other illicit activities. Failure to comply with regulations can result in severe consequences, including fines, legal action, and reputational damage.
If you're a business in the crypto asset industry, working with our team of financial services team can help you comply with FCA regulations. Our lawyers can provide expert guidance, develop prevention measures, and assist with registration to ensure that you meet your legal obligations. With our expertise, we’ll help you navigate the complex regulatory landscape and avoid the consequences of non-compliance. Seeking professional legal advice is crucial for complying with regulations and operating within the law, so don't hesitate to reach out if you need assistance.