UK regulatory body takes action against illegal crypto ATM providers
Using its powers under money laundering regulations, the UK’s Financial Conduct Authority (FCA) has raided suspected crypto ATMs operating illegally across England.
The measures follow previous operations in east London and Leeds, where the regulator issued warnings or cease and desist orders to suspected ATM operators.
15 encrypted ATMs and counting
The FCA, in collaboration with the Southern Regional Organized Crime Unit (SWROCU), the Yorkshire and Humber Regional Organized Crime Unit (YH ROCU) and the Nottinghamshire Police Force, carried out joint operations, inspecting sites across England that were suspected of hosting illegally operated devices. encrypted ATM.
The FCA announced it would review evidence collected during the raids, which took place at the end of April in Exeter, Nottingham and Sheffield, before considering further action. All crypto ATMs operating without FCA authorizations are illegal, said Terese Chambers, executive director of the FCA’s Market Enforcement and Supervision Division. She added that their work over the past few months demonstrated their commitment to stopping criminal activity.
CoinATMRadar data shows that there were more than 15 crypto ATMs in the UK at the time of the FCA campaign.
Many companies, including Big Sea Coins, BD ATMs, Cryptobitecoin, and Computer House, have operated these machines.
However, it is not clear whether these operators have been registered by the FCA as required by law.
The efforts of the Financial Conduct Authority (FCA), in collaboration with law enforcement agencies, have also increased awareness among the public about the risks associated with unregulated automated teller machines.
According to Peter Highway, director of the Economic Crimes Unit at SWROCU, said:
“Criminals will use encrypted ATMs to launder illegally obtained money, so it was our pleasure to help our FCA colleagues target businesses in the region that are offering these machines without permission.”
“Such machines are a key component in facilitating money laundering and moving funds gained through criminal activity,” added Ramona Senior, Head of Economic Crimes at the YH ROCU.
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