The Financial Conduct Authority (FCA) confirmed partnering with the West Yorkshire Police to enforce actions against crypto ATM operators within Leeds. The crackdown on the crypto ATMs follows an earlier proclamation by FCA that illegalizes such operations.
Joint Enforcement Actions Against Illegal Crypto Operations
The UK lead watchdog in financial affairs announced successful coordination with the West Yorkshire enforcement officers to identify and eliminate crypto-dispensing ATMs operated within the northern City of Leeds.
The cyber unit from the West Yorkshire police admitted the discovery of multiple live ATMs operated illegally. Nevertheless, the cyber team was noncommittal on the number and their location. Efforts to seek clarification from the FCA turned futile as the regulator declined to disclose further details.
Scrutiny of the data presented by the Coin ATM radar indicated that the UK hosts 27 Bitcoin ATMs. Such revelation compelled FCA to issue warning letters directing the ATM operators to cease activities and desist from utilizing the machines.
Detective Sergeant Lindsey Brants from West Yorkshire indicated they warned the crypto operators against contravening the money laundering would necessitate initiating investigations.
UK Stringent Compliance Policy for Crypto Operators
FcA directed all providers of crypto-related services must seek registration and approval. In addition, FCA directs the operators to prioritize compliance with the anti-money laundering provisions without compromising the fight against terrorist financing.
Any company providing crypto-related services in the UK must be registered with the FCA and comply with anti-money laundering and counter-terrorist financing.
The FCA echoed previous pronouncements prohibiting registered crypto assets from providing ATM services. Consequently, all crypto ATMs are operating illegally.
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