UK police, in collaboration with the Financial Conduct Authority (FCA), have raided several sites allegedly hosting cryptocurrency ATMs. “No crypto ATM operator is currently FCA registered,” the UK financial regulator stressed, adding that it is “working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs. “.
UK regulator cracks down on unregistered crypto ATMs
UK authorities have raided several sites around the city of Leeds in a cryptocurrency ATM raid. The raids followed a joint investigation between the country’s main financial regulator, the Financial Conduct Authority (FCA), and the West Yorkshire Police Digital Intelligence and Investigation Unit.
The FCA announced on Tuesday that it “has used its powers to enter and inspect a number of sites around Leeds suspected of hosting illegally operated crypto ATMs.”
Emphasizing that “crypto exchange providers, which include crypto ATM operators, in the UK must be registered with the FCA and comply with UK money laundering regulations,” the FCA emphasized:
Currently, no crypto ATM operator has FCA registration.
The British financial regulator noted that it is “working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs.” The FCA stated that it will review the evidence collected during the raids and will “consider further potential enforcement action.”
In March last year, the UK financial watchdog published a warning about illegal crypto ATMs operating in the country. “None of the crypto-asset firms registered with us have been approved to offer crypto ATM services, which means that any of them operating in the UK are doing so illegally and consumers should not use them,” the regulator said. warned.
Mark Steward, the FCA’s chief executive of Compliance and Market Surveillance, said: “We will continue to identify and disrupt unregistered cryptocurrency companies operating in the UK.” anti-money laundering purposes,” he warned:
However, crypto products themselves are currently unregulated and high risk, and you should be prepared to lose all your money if you invest in them.
Detective Sergeant Lindsey Brants of West Yorkshire Police’s Force Cyber team explained that the team gathered evidence in West Yorkshire and “established the locations of several active crypto ATMs.” Brants said that before sharing her findings with the FCA: “Warning letters were issued requesting operators to cease and desist from using the machines and that any breach of the regulations would result in an investigation under money laundering regulations.” ”.
What do you think about UK authorities cracking down on unregistered crypto ATMs? Let us know in the comments section.
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