The U.K. Financial Conduct Authority (FCA) is taking action again against illegally-operating crypto ATMs, this time in East London. Last month, the agency conducted a similar operation in Leeds.
The U.K. financial watchdog intends to identify and disrupt unregistered crypto businesses in the country. With that aim, it announced using its enforcement powers to inspect several sites in East London.
FCA Brings Nightmare to London’s Illegal Crypto ATM Operators
After conducting a joint operation with the Metropolitan Police, the FCA will review evidence before taking further action. The Executive Director of Enforcement and Market Oversight, Mark Steward, said, “This operation, alongside last month’s action in Leeds, sends a clear message that we will continue to identify and disrupt unregistered crypto businesses in the U.K.”
Last month, the FCA collaborated with West Yorkshire Police’s Digital Intelligence and Investigation Unit to conduct similar raids in Leeds.
The press release mentions that the agency is working with the National Economic Crime Centre “to plan and coordinate action with law enforcement partners against operators of illegal crypto ATMs.”
Crypto exchanges must register with the FCA and comply with money laundering regulations to operate in Britain. However, due to money laundering concerns, the financial watchdog deemed crypto ATMs illegal in Mar. 2022.
A crypto ATM is a center for converting fiat into crypto and vice versa.
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Main content of the article:
The UK’s Financial Conduct Authority (FCA) has conducted a joint operation with the Metropolitan Police to target unregistered crypto businesses in East London. The FCA aims to identify and disrupt illegally-operating crypto ATMs, having conducted a similar operation in Leeds last month. Following the London raid, the FCA will review evidence before taking further action against the businesses. The watchdog is working with the National Economic Crime Centre to coordinate action with law enforcement partners, and crypto exchanges must comply with money laundering regulations and register with the FCA to operate in the UK. The regulator deemed crypto ATMs illegal due to money laundering concerns in March 2022.
