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FCA targets crypto ATM machines in Yorkshire in UK first

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Raids have been carried out in Leeds targeting unregistered crypto ATM machines in the city.

The Financial Conduct Authority used its powers to enter and inspect a number of sites around the city in a joint operation with West Yorkshire Police’s Digital Intelligence and Investigation Unit.

“Unregistered Crypto ATMs operating in the UK are doing so illegally,” explained Mark Steward, Executive Director of Enforcement and Market Oversight at the FCA.

“We will continue to identify and disrupt unregistered crypto businesses operating in the UK.”

In the UK crypto businesses need to be registered with the FCA, for anti-money laundering purposes.

“Having conducted intelligence gathering work across West Yorkshire, we soon established the locations of several live crypto ATMs,” added Det Sgt Lindsey Brants of the Force Cyber Team at West Yorkshire Police.

“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.

“We are pleased to be able to work in partnership with the FCA in what we believe is a national first here in West Yorkshire.”

The ATMs enable customers to buy or convert funds into crypto assets.

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