Key Points: The FCA of the United Kingdom has not changed its earlier declaration that any cryptocurrency ATMs operating there are illegal.
The West Yorkshire Police and the banking watchdog have teamed up to tackle cryptocurrency ATM operators in Leeds, northern England.
Any company offering cryptocurrency-related services in the UK must register with the FCA in order to adhere to anti-money laundering and counter-terrorist financing regulations.
According to a Tuesday press release the Financial Conduct Authority (FCA), the United Kingdom is taking enforcement action against cryptocurrency ATM operators who haven’t registered with the FCA. The West Yorkshire Police’s Cyber Unit claims to have detected several active crypto ATMs, but doesn’t specify how many or where.
“Unregistered Crypto ATMs operating within the UK are illegally doing so,” the FCA stated. The FCA stressed that they will continue to identify and disrupt illegal crypto businesses operating in the UK.
Any company offering cryptocurrency-related services in the UK must register with the FCA in order to adhere to anti-money laundering and counter-terrorist financing regulations. In a statement, Detective Sergeant Lindsey Brants from West Yorkshire Police stated:
“Warning letters were sent to the operators asking them to stop using the machines. Any violation of regulations would result a money-laundering investigation.”
This is just one of many initiatives by the FCA to examine the cryptocurrency marketplace. The FCA issued a warning to cryptocurrency companies last week that violating the new advertising restrictions could result in imprisonment. It has already warned that no digital currency trading firm that has registered with it is allowed to offer ATM services. Disclaimer: This website provides general market commentary but does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: Coin cloudCrypto ATMFCAGenesis Global HoldcoUKWest Yorkshire Police