The Financial Conduct Authority (FCA) of the United Kingdom is cracking down on unregistered cryptocurrency ATMs. Potential connections between these ATMs and organized crime have been highlighted all over the world. The Financial Conduct Authority (FCA) of the United Kingdom is cracking down on unregistered cryptocurrency ATMs. According to the regulator, it entered and inspected […]
The Financial Conduct Authority of the United Kingdom is cracking down on unregistered cryptocurrency ATMs.
The Financial Conduct Authority of the United Kingdom is cracking down on unregistered cryptocurrency ATMs., it entered and inspected several sites near Leeds, in the North of England, which were suspected of hosting illegally operated crypto ATMs. According to Mark Steward, the FCA’s executive director of enforcement and market oversight, crypto businesses operating in the UK must register with the FCA for anti-money laundering purposes. However, crypto products are currently unregulated and high-risk.
Detective Sergent Lindsay Brants of the West Yorkshire police’s Force Cyber Team said that they issued cease and desist letters to operators. Moreover, any breach of regulations would cause an investigation under money-laundering regulations.The FCA wrote to all the crypto operators and hosts in March 2022. It warned them about the legal ramifications of operating crypto ATMs without the firm’s authorization.
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