The United Kingdom’s top financial regulator, the Financial Conduct Authority (FCA), has been intensifying its crackdown on cryptocurrency ATMs, leading to a notable reduction in their numbers. As a result of the FCA’s stringent measures, which include an outright ban, the number of crypto ATMs in the UK has plummeted.

The FCA confirmed in a statement that it has stopped the operation of 26 machines after conducting inspections at 34 locations. This move comes as part of the regulator’s ongoing efforts to curb illegal activities associated with cryptocurrencies. The FCA has warned that using a crypto ATM in the UK could potentially mean dealing with criminals.

The crackdown has had a significant impact on the availability of Bitcoin ATMs across the UK. According to data from Coin ATM Radar, the number of these machines has dropped by over 88% from 80 in March 2022 to a mere 10 as of now.

The FCA’s actions have not been limited to ATMs. The regulator has also called on crypto firms to comply with new advertising measures by October. These rules aim to regulate how companies present information about their crypto-related products across various platforms, including websites, applications, and social media.

The FCA’s crackdown on crypto ATMs and the subsequent reduction in their numbers highlight the increasing regulatory scrutiny faced by the crypto industry in the UK. This comes amidst a global trend of heightened regulatory focus on cryptocurrencies, with authorities aiming to mitigate the risks associated with their use.