Police And FCA Work Together To Stifle Crypto ATMs

The FCA is working with the West Yorkshire Police to shut down crypto ATMs in Leeds that are being run illegally.

As part of a joint operation with the Digital Intelligence and Investigation Unit of West Yorkshire Police, the FCA gathered evidence from a number of places around the city.

In March of last year, the FCA told all cryptocurrency ATMs in the UK to shut down. At the time, it was thought that there were around 100 cash-to-cryptoasset machines spread out across the country.

Det Sgt. Lindsey Brants of the West Yorkshire Police Force Cyber Team says, “We quickly found the locations of several live crypto ATMs after gathering information across West Yorkshire.”

“Warning letters were issued requesting the operators cease and desist using the machines and that any breach of regulations would result in an investigation under money-laundering regulations. We then shared our findings with the Financial Conduct Authority.”

In order to stop money laundering, crypto businesses in the UK need to register with the FCA. Mark Steward, the FCA’s executive director of enforcement, says that no crypto ATM operators have registered with the FCA yet.

“Unregistered Crypto ATMs operating in the UK are doing so illegally,” he says. The FCA is working with other law enforcement agencies to stop and shut down illegal cryptocurrency ATMs.