In a coordinated effort with the Financial Conduct Authority (FCA), authorities have raided multiple websites purporting to host cryptocurrency ATMs. “No crypto ATM operator is currently FCA registered,” the UK monetary regulator clarified, adding that it’s “working with a number of law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs. “.

UK regulator cracks down on unregistered cryptocurrency ATMs

The British government conducted raids in the metropolitan area of London and Leeds. The Raids were part of a joint investigation by the nation’s primary monetary regulator, The Financial Conduct Authority (FCA) and the West Yorkshire Police Digital Intelligence Investigation Unit.

The FCA released Tuesday It “has used its powers to enter and inspect a number of sites around Leeds suspected of hosting unlawfully 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:

CurrentlyFCA registration is not required for crypto ATM operators.

The British It is a well-known monetary regulator. “working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs.” The FCA stated that it would review evidence from raids and canadians. “consider further potential enforcement action.”

In March The UK’s monetary watchdog published a warning last year about unauthorised crypto ATMs within the nation. “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 unlawfully and consumers should not use them,” The regulator warned.

Mark StewardThe FCA’s chief government is Compliance Market Surveillance, stated: “We will continue to identify and disrupt unregistered cryptocurrency companies operating in the UK.” anti-money laundering functions,” he warned:

NeverthelessYou should be aware that crypto products are unregulated and can be a high-risk investment.

Detective Sergeant Lindsey Brants Of West Yorkshire Police’s Force Cyber ​​workforce explained that the team gathered evidence in West Yorkshire “established the locations of several active crypto ATMs.” Brants She said that it was better to share her findings earlier than 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 is your opinion on UK authorities clamping down on unregistered Crypto ATMs? Let us know in the comments section.

kevin helms

KevinAnonymous Austrian Economics student, discovered Bitcoin He was an evangelist in 2011 His interests lie in Bitcoin Security, open-source systems, network effects and the intersection of cryptography and economics.