The UK Financial Regulator has taken enforcement action against operators related to ATMs of the Crypto industry.
The UK Financial Enforcement Authority (FCA) has implemented the previously reported statement on the grounds that any crypto ATM operating on a country-by-country basis is operating without complying with the law. The financial watchdog noted that it is working in partnership with West Yorkshire Police to tackle crypto-related ATM operators in the city of Leeds.
UK and West Yorkshire Police Cooperate
In light of the information released by the West Yorkshire Police cyber team, it was stated that there is no information on where or how many illegal crypto ATMs are. Detective Lindsey Brants of the West Yorkshire Police team said: “Warning letters have been sent to operators stating that the use of machinery is to be canceled and they will be subject to investigation in money laundering cases.” said.
Additionally, Brants added that “several live crypto ATMs” have been detected. The FCA stated that it would not provide further details on the issues. According to information from Coin ATM Radar, there are a total of 27 bitcoin ATMs installed in the UK.
The FCA had previously stated that “no FCA-registered crypto-asset-related businesses are authorized to provide ATM services.”
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