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UK Financial Regulator Takes Enforcement Action Against Crypto ATM Operators
The Financial Conduct Authority teamed up with West Yorkshire Police to tackle crypto ATM operators in Leeds.
Updated Feb 14, 2023, 5:12 p.m. Published Feb 14, 2023, 12:20 p.m.
The U.K.'s Financial Conduct Authority (FCA) is enforcing its prior proclamation that any crypto ATMs operating in the country are doing so illegally.
The financial watchdog has teamed up with West Yorkshire Police to tackle crypto ATM operators in the northern English city of Leeds. The cyber team of West Yorkshire Police says it has identified "several live crypto ATMs" without saying how many or where they were located.
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The FCA declined to give further details.
According to data by Coin ATM Radar, there are 27 bitcoin ATMs installed across the whole of the U.K.
"Warning letters were issued requesting the operators cease and desist using the machines and that any breach of regulations would result in an investigation under money-laundering regulations," said Detective Sergeant Lindsey Brants of West Yorkshire Police.
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Any company providing crypto-related services in the U.K. must be registered with the FCA for the purposes of compliance with anti-money laundering and counter-terrorist financing.
The FCA has previously warned that none of the crypto asset businesses registered with it are authorized to provide ATM services. Therefore, any crypto ATM operating in the country are doing so illegally.
Read more: Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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