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UK Financial Regulator Takes Enforcement Action Against Crypto ATM Operators
The Financial Conduct Authority teamed up with West Yorkshire Police to tackle crypto ATM operators in Leeds.
Updated Feb 14, 2023, 5:12 p.m. Published Feb 14, 2023, 12:20 p.m.
The U.K.'s Financial Conduct Authority (FCA) is enforcing its prior proclamation that any crypto ATMs operating in the country are doing so illegally.
The financial watchdog has teamed up with West Yorkshire Police to tackle crypto ATM operators in the northern English city of Leeds. The cyber team of West Yorkshire Police says it has identified "several live crypto ATMs" without saying how many or where they were located.
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The FCA declined to give further details.
According to data by Coin ATM Radar, there are 27 bitcoin ATMs installed across the whole of the U.K.
"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," said Detective Sergeant Lindsey Brants of West Yorkshire Police.
Any company providing crypto-related services in the U.K. must be registered with the FCA for the purposes of compliance with anti-money laundering and counter-terrorist financing.
The FCA has previously warned that none of the crypto asset businesses registered with it are authorized to provide ATM services. Therefore, any crypto ATM operating in the country are doing so illegally.
Read more: Bitcoin ATM Operator Coin Cloud Files for Bankruptcy With Liabilities of $100M-$500M
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