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UK Financial Watchdog shuts down Illegal Crypto ATMs, warns of Potential Losses

The Financial Conduct Authority (FCA) has halted 26 cryptocurrency machines across the UK for operating illegally and warned consumers that they could lose all their money. The FCA conducted inspections at 34 locations suspected of hosting crypto ATMs and disrupted 26 machines in a coordinated operation with other law enforcement agencies. A member of the public paid £1,000 into a crypto ATM in Sheffield, but no cryptocurrency or funds were returned. The FCA's joint executive director of enforcement and market oversight, Steve Smart, cautioned that using a crypto ATM in the UK could mean handing money over to criminals and that consumers would not be protected if something went wrong.

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