• The U.K.’s Financial Conduct Authority has expanded its enforcement action against crypto ATMs, taking the investigation to East London after working with West Yorkshire Police to tackle crypto ATM operators in Leeds.
• All companies providing crypto services in the U.K. must be registered with the FCA for compliance with anti-money laundering and counter-terrorist financing rules.
• According to data from Coin ATM Radar, there are 18 bitcoin ATMs installed across the whole of the U.K.
UK Financial Regulator Cracks Down on Crypto ATMs
The U.K.’s Financial Conduct Authority (FCA) has begun expanding their enforcement action against illegal cryptocurrency Automatic Teller Machines (ATMs). Last month, they conducted inspections at sites in Leeds, Northern England and recently expanded their investigations to East London where they are inspecting several sites suspected of hosting illegally operating crypto ATMs.
Rules For Operating Crypto ATMs
All companies providing crypto services in the U.K., including those involved with running a crypto ATM, must register with the FCA for compliance with anti-money laundering and counter-terrorist financing rules. Currently, none of the companies registered with them are authorized to provide such services so any machine operating is doing so illegally.
Number Of Crypto ATMS In The UK
According to data from Coin ATM Radar, there are currently 18 Bitcoin ATMs installed across all of England and Wales combined which indicates that illegal activity is likely occurring without being detected by authorities until now..
Impact Of The Crackdown
This crackdown is expected to have a significant effect on operations related to cryptocurrency as it will help prevent money laundering activities using cryptocurrencies and also bring about better regulations for legitimate businesses offering such services in the region..
Conclusion
The FCA’s decision to expand its enforcement actions against illegal cryptocurrency Automatic Teller Machines (ATMs) is an important step towards ensuring greater compliance with anti-money laundering regulations and promoting better regulation of legitimate businesses offering such services in the region