Britain’s financial watchdog raided several Leeds sites to crack down on illegally operating cryptocurrency ATMs.
According to the Financial Conduct Authority, it entered multiple sites in the City as part of a joint operation with West Yorkshire Police’s Digital Intelligence and Investigation Unit.
This is believed to be the first of its kind in the UK.
Customers can use crypto ATMs to convert funds into cryptoassets or buy them. However, crypto ATM operators do not need to be FCA registered to meet the requirements of the UK Money Laundering Regulations.
Mark Steward is the executive director of enforcement at the FCA. He said:
There are no registered crypto ATMs in the UK.
We will continue to disrupt and identify unregistered cryptocurrency businesses in the UK.
For anti-money laundering purposes, crypto businesses that operate in the UK must be registered with FCA. Crypto products are unregulated and highly risky, so you need to be ready to lose everything if you decide to invest in them.
