UK Law Enforcement and Regulators Join Forces to Dismantle Illegal Crypto ATMs

cryptonews.com:

UK authorities have raided several properties around Leeds suspected of hosting illegally operated cryptocurrency automatic teller machines (ATMs).

The UK’s Financial Conduct Authority (FCA), as well as West Yorkshire Police’s Digital Intelligence Unit, were involved in the raids, which are believed to be part of the UK’s first crackdown on illegal crypto ATMs, according to a Tuesday announcement by the FCA. 

The watchdog claimed that no crypto ATM operators in the UK currently have FCA registration. It said that the agency had previously written to all operators, warning of the legal consequences of failing to register with the FCA.

"The FCA is working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal Crypto ATMs," the agency said, adding that it will review evidence gathered during these visits and consider further potential enforcement action. 

Crypto ATMs allow customers to buy or convert traditional currencies into cryptoassets. According to data by Coin ATM Radar, there are 27 bitcoin ATMs installed across the whole of the U.K.

“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. 

DS Lindsey Brants of the cyber team at West Yorkshire police said they have issued warning letters to crypto ATM operators, requesting the operators cease and desist from using the machines.

“We will continue to identify and disrupt unregistered crypto businesses operating in the UK,” Mark Steward, the FCA’s director in charge of enforcement and market oversight, said.

“Crypto businesses operating in the UK need to be