UK Police Raid Crypto ATM Sites — Regulator Says No Crypto ATMs Have Been Approved

Police successful the U.K., successful collaboration with the Financial Conduct Authority (FCA), person raided respective sites allegedly hosting cryptocurrency ATMs. “No crypto ATM operators presently person FCA registration,” the British fiscal regulator stressed, adding that it is “working with aggregate instrumentality enforcement partners, including section constabulary forces, to disrupt and disable amerciable crypto ATMs.”

UK Regulator Cracks Down connected Unregistered Crypto ATMs

Authorities successful the U.K. person raided respective sites astir the metropolis of Leeds successful a cryptocurrency ATM crackdown. The raids followed a associated probe betwixt the country’s apical fiscal regulator, the Financial Conduct Authority (FCA), and West Yorkshire Police’s Digital Intelligence and Investigation Unit.

The FCA announced Tuesday that it “has utilized its powers to participate and inspect respective sites astir Leeds suspected of hosting illegally operated crypto ATMs.”

Emphasizing that “Crypto speech providers, which includes crypto ATM operators, successful the U.K. indispensable beryllium registered with the FCA and comply with the U.K. wealth laundering regulations,” the FCA stressed:

No crypto ATM operators presently person FCA registration.

The British fiscal regulator noted that it is “working with aggregate instrumentality enforcement partners, including section constabulary forces, to disrupt and disable amerciable crypto ATMs.” The FCA stated that it volition reappraisal grounds gathered during the raids and “consider further imaginable enforcement action.”

In March past year, the U.K. fiscal watchdog published a warning connected amerciable crypto ATMs operating successful the country. “None of the cryptoasset firms registered with america person been approved to connection crypto ATM services, meaning that immoderate of them operating successful the U.K. are doing truthful illegally and consumers should not beryllium utilizing them,” the regulator cautioned.

Mark Steward, enforcement manager of Enforcement and Market Oversight astatine the FCA, said: “We volition proceed to place and disrupt unregistered crypto businesses operating successful the U.K.” While noting that “Crypto businesses operating successful the U.K. request to beryllium registered with the FCA for anti-money laundering purposes,” helium warned:

However, crypto products themselves are presently unregulated and high-risk, and you should beryllium prepared to suffer each your wealth if you put successful them.

Detective sergeant Lindsey Brants of the Force Cyber squad astatine West Yorkshire Police explained that the squad gathered grounds crossed West Yorkshire and “established the locations of respective unrecorded crypto ATMs.” Brants said that earlier sharing their findings with the FCA: “Warning letters were issued requesting the operators cease and desist utilizing the machines and that immoderate breach of regulations would effect successful an probe nether money-laundering regulations.”

What bash you deliberation astir U.K. authorities cracking down connected unregistered crypto ATMs? Let america cognize successful the comments conception below.

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