The United Kingdom’s financial regulator, Financial Conduct Authority (FCA), is coming for unregistered cryptocurrency automated teller machines (ATMs).
THe FCA and the cyber team at West Yorkshire Police have taken action against several sites in and around Leeds city suspected of hosting illegally operated crypto ATMs.
Announcing the news on Feb. 14, the FCA emphasized that no crypto ATM operators in the United Kingdom currency have FCA registration. The authority stated that all crypto exchange providers — including crypto ATM operators — must be registered with the FCA and comply with the U.K. money laundering regulations.
“Unregistered crypto ATMs operating in the U.K. are doing so illegally,” FCA’s executive director of enforcement Mark Steward said, adding that the regulator will continue to disrupt unregistered crypto businesses in the country. The exec also noted that crypto products are “currently unregulated and high-risk,” warning investors to be prepared to lose all their money with crypto.
This is a developing story, and further information will be added as it becomes available.