The UK’s Financial Conduct Authority (FCA) has said it has begun taking enforcement action against unregistered cryptocurrency ATM operators in the region.
There are approximately 38,450 ATMs in over 80 countries around the world, from which users can directly withdraw cryptocurrencies as cash. About 28 ATMs have been installed specifically for the UK and Coin ATM Radar data indicate.
But FCA report There are no working ATMs in the UK. It is legal because it does not comply with regulatory guidelines.
Regulators have previously warned Illegal cryptocurrency ATM operators shut down services or face enforcement action.
FCAMore Said On February 14, it partnered with the West Yorkshire Police Intelligence Service to identify and disrupt the activities of all illegal crypto operators in the region.
The joint operation identified illegal cryptocurrency ATM locations throughout West Yorkshire. ATM operators will be subject to investigation under money laundering regulations.
FCA executive Mark Steward said UK crypto businesses will need to register with the FCA for anti-money laundering measures.
FCA is tough on crypto
The FCA says crypto assets are risky investments and should be regulated like similar traditional markets. It warned that cryptocurrency companies that do not comply with the financial promotion regime could face up to two years in prison.
FCA Chairman Ashley Alder also said his government is tough on the UK crypto business as many companies are deliberately facilitating money laundering.
