UK regulators have seized seven cryptocurrency ATMs during coordinated raids on four properties in southwest London. The operation was carried out jointly by the Financial Conduct Authority and the Metropolitan Police Service.
FCA Seizes Crypto ATMs in London
The FCA said it found and confiscated the ATMs as part of an investigation into unregistered crypto operations. In the UK, running a crypto exchange or ATM without FCA registration is illegal. It also breaches money laundering regulations, which can lead to criminal charges.
Two people were questioned under caution and later released while the investigation continues.
“If you’re operating a crypto ATM or exchange illegally, then you should expect serious consequences. There are currently no legally-operated crypto ATMs in the UK, so using one only supports crime,” Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, commented.
You may find it interesting at FinanceMagnates.com: FCA Applies New Tech to Handle 3,200% More Financial Promotions Reviewed in Three Years.
???? FCA Cracks Down on Unlicensed Crypto ATMs in the UK ????Since 2023, the FCA has inspected 34 locations across the UK, shutting down 26 illegal crypto ATMs. ????“If you use a crypto ATM in the UK, you could be handing over your money to criminals,” warns FCA’s Steve Smart. ⚠️… pic.twitter.com/UWeDcf3m6L
— Crypto B ???? (Never DM first) ???????? (@TheCrypto_B) September 10, 2024
Joint Action Against Unregistered Crypto Services
Last year, the FCA and Metropolitan Police arrested two men suspected of running an illegal crypto exchange that handled over £1 billion in unregistered transactions. This case, like the current one, involved collaboration between the FCA and police to tackle unregistered crypto activity in the UK.
Detective Inspector Geoff Donoghue, from the Met’s Cryptocurrency Team, said the police are working with regulators to tackle the risks posed by digital assets.
This article was written by Tareq Sikder at www.financemagnates.com.
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