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

UK Police Raid Crypto ATM Sites — FCA Says No Crypto ATM Operators Currently Have Registration

Police within the U.Ok., in collaboration with the Financial Conduct Authority (FCA), have raided a number of websites allegedly internet hosting cryptocurrency ATMs. “No crypto ATM operators currently have FCA registration,” the British monetary regulator careworn, including that it’s “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

Authorities within the U.Ok. have raided a number of websites across the metropolis of Leeds in a cryptocurrency ATM crackdown. The raids adopted a joint investigation between the nation’s prime monetary regulator, the Financial Conduct Authority (FCA), and West Yorkshire Police’s Digital Intelligence and Investigation Unit.

The FCA introduced Tuesday that it “has used its powers to enter and inspect several sites around Leeds suspected of hosting illegally operated crypto ATMs.”

Emphasizing that “Crypto exchange providers, which includes crypto ATM operators, in the U.K. must be registered with the FCA and comply with the U.K. money laundering regulations,” the FCA careworn:

No crypto ATM operators presently have FCA registration.

The British monetary regulator famous that it’s “working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs.” The FCA acknowledged that it’ll evaluation proof gathered throughout the raids and “consider further potential enforcement action.”

In March final yr, the U.Ok. monetary watchdog revealed a warning on unlawful crypto ATMs working within the nation. “None of the cryptoasset firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the U.K. are doing so illegally and consumers should not be using them,” the regulator cautioned.

Mark Steward, govt director of Enforcement and Market Oversight on the FCA, stated: “We will continue to identify and disrupt unregistered crypto businesses operating in the U.K.” While noting that “Crypto businesses operating in the U.K. need to be registered with the FCA for anti-money laundering purposes,” he warned:

However, crypto merchandise themselves are presently unregulated and high-risk, and try to be ready to lose all of your cash in the event you spend money on them.

Detective sergeant Lindsey Brants of the Force Cyber group at West Yorkshire Police defined that the group gathered proof throughout West Yorkshire and “established the locations of several live crypto ATMs.” Brants stated that earlier than sharing their findings with the FCA: “Warning letters were issued requesting the operators cease and desist using the machines and that any breach of regulations would result in an investigation under money-laundering regulations.”

What do you consider U.Ok. authorities cracking down on unregistered crypto ATMs? Let us know within the feedback part under.

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