The UK's financial regulator, the Financial Conduct Authority (FCA), has launched an ongoing crackdown on cryptocurrency ATMs. Recently, the FCA, in cooperation with local law enforcement, has clamped down on cryptocurrency ATMs in three cities: Exeter, Nottingham and Sheffield.

The FCA stressed that it does not authorize any operator in the country to operate cryptocurrency ATMs, so all cryptocurrency ATM operations in its territory are illegal.

Therese Chambers, director of enforcement and Market Regulation at the FCA, said: "Any cryptocurrency ATM operating without FCA registration authorisation is an offence. "Our actions over the past few months show that we will take real action to stop this illegal activity."

Chambers added: "In addition to clamping down on unregistered crypto businesses, it is important that we work together to raise public awareness of cryptocurrency ATMs operating illegally in the UK, as crypto products are too risky and unregulated to invest in." That means if you're going to invest in these crypto products, you're going to be prepared to lose everything."

Back in March last year, the FCA issued a warning ordering all operators to close their cryptocurrency ATMs operating in the UK. There were around 81 Bitcoin ATMs in the UK at the time. Following the FCA's action against illegal cryptocurrency ATM operators, the number of cryptocurrency ATMs in the country has now dropped to 17, spread across the Birmingham, London and Manchester areas.

Peter Highway, manager of the South West Organised Crime Combating Organised Economic Crime Unit, highlighted the dangers of illegal cryptocurrency ATM operations. He said: "Criminals will use cryptocurrency ATMs to launder their illegally obtained cash. That's why we're pleased to be assisting our colleagues at the FCA in cracking down on those in the region who are operating these machines without authorisation."