FCA clamps down on unregistered crypto ATM operators in Leeds
The UK’s Financial Conduct Authority (FCA) has warned a number of Leeds venues suspected of hosting illegally operated crypto ATMs.
FCA clamps down on unregistered crypto ATM operators
Working with West Yorkshire Police’s Digital Intelligence and Investigation Unit, the FCA says it gathered evidence from several locations around the city before visiting the sites and issuing warning letters to the venues imploring them to cease and desist their crypto ATM operations.
The FCA says it will review evidence gathered during the visits and consider further potential enforcement action.
Crypto ATM operators in the UK must be registered with the FCA and comply with the UK’s money laundering regulations. However, the regulator says no crypto ATM operators currently have FCA registration.
The FCA is currently working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs.
Last year, the FCA warned operators of crypto ATMs in the country to “shut their machines down or face enforcement action”.
Detective sergeant Lindsey Brants of the Force Cyber Team at West Yorkshire Police says: “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.”
