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FCA cracks down on illegal cryptocurrency ATMs in Leeds

by LLB Reporter February 14, 2023

written by LLB Reporter 14^th Feb 23 10:50 am

Britain’s financial watchdog has raided several sites in Leeds in a crackdown on illegally operated cryptocurrency ATMs.

The Financial Conduct Authority says it entered several sites around the City, in a joint operation with West Yorkshire Police’s Digital Intelligence and Investigation Unit.

This is thought to be the first action of its type in the UK.

Crypto ATMs allow customers to buy or convert funds into cryptoassets. But there are no crypto ATM operators with FCA registration, which they need to do to comply with UK Money Laundering Regulations.

Mark Steward, executive director of enforcement and market oversight at the FCA, said: “Unregistered Crypto ATMs operating in the UK are doing so illegally.

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

“Crypto businesses operating in the UK need to be registered with the FCA for anti-money laundering purposes. However, crypto products themselves are currently unregulated and high-risk, and you should be prepared to lose all your money if you invest in them.”