Police in the United Kingdom has raided several sites allegedly hosting cryptocurrency ATMs in collaboration with the Financial Conduct Authority (FCA). “At the moment, no crypto ATM operators are registered with the FCA,” said the British financial regulator, adding that it is “working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs.”
The UK regulator cracks down on crypto ATMs that are not registered
In a cryptocurrency ATM crackdown, authorities in the United Kingdom raided several locations throughout the city of Leeds.
The raids were the result of a joint investigation by the Financial Conduct Authority (FCA) and West Yorkshire Police’s Digital Intelligence and Investigation Unit.
The FCA announced on Tuesday that it had used its powers to enter and inspect several sites around Leeds suspected of hosting illegally operated crypto ATMs. It was emphasized by the FCA that cryptocurrency exchanges and crypto ATM operators are required to register with the FCA and adhere to U.K. money laundering regulations. The British financial regulator is “working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs,” according to the regulator. The FCA stated that it will “consider further potential enforcement action” after reviewing the evidence gathered during the raids.
In March of last year, the United Kingdom’s financial watchdog issued a warning about illegal crypto ATMs operating in the country.”None of the crypto asset firms registered with us have been approved to offer cryptocurrency ATM services,” the regulator warned.
“Within the next few years, we will continue to identify and disrupt unregistered crypto businesses in the UK,” said Mark Steward, executive director of Enforcement and Market Oversight at the Financial Conduct Authority. While noting that “crypto businesses operating in the United Kingdom must be registered with the FCA for anti-money laundering purposes,” he issued the following warning However, crypto products are currently unregulated and high-risk, and if you invest in them, you should be prepared to lose all of your money.