UK Police Raid Crypto ATM Sites – Regulator Says No Crypto ATMs Have Been Approved
A number of sites have been raided around the city of Leeds as part of a cryptocurrency crackdown by authorities in the United Kingdom. The raid was apparently carried out in the wake of a joint investigation between the country’s top financial regulator, the Financial Conduct Authority, and the Digital Intelligence and Investigation Unit of West Yorkshire Police.
The Financial Conduct Authority announced on Tuesday that it was “monitoring a number of sites around Leeds suspected of hosting Clips So ATMs that have been operated illegally and are using the full power of their inspection to investigate”. using”. He stresses that crypto lenders, including crypto ATM operators, must be registered with the Financial Conduct Authority in the United Kingdom and comply with its regulations. It is necessary to follow all the rules and keep them paramount and of course keeping them paramount is called the primary goal.
The regulator notes that it is working with a number of law enforcement partners, including local police forces, to disrupt crypto service in certainly illegal ways and to disable ATMs. Will review all the evidence collected during the raid and look closely at all the evidence and on the basis of that any factual decision will be taken. It was said that the possible course of action will also be considered and a thorough monitoring will be done regarding that.
Indeed, in March last year, the United Kingdom’s financial charge published a warning on crypto ATMs operating illegally in the country, urging the regulator to “not allow any crypto asset firm registered with us to offer crypto ATM services.” Approval has not been granted and it means that any one of them operating in the United Kingdom are carrying on their business illegally and providing ATM services and consumers must be exposed to these illegal ATM services. should not be used” Regulatory changes and Mark Steward, Executive Director of Markets Oversight, said: “We are identifying and potentially seeking unregistered crypto businesses operating in the United Kingdom and we Will continue to disrupt and said that crypto businessmen operating in the United Kingdom need to be registered with the regulations and at the same time coordinate with the different means and importantly work with the regulator to comply with the regulations move under There is a strong need of this area so that in future works like anti money laundering can be avoided and cases related to this can be protected. Whereas currently crypto products themselves are unregulated and high risk and you should be prepared to lose your money if you invest in it.
Detective Sergeant Lindsey Brants of the Force Cyber Team at West Yorkshire Police explains that “the team has gathered evidence and set up a live ATM location in West Yorkshire”. It said that prior to the ongoing negotiations with the regulator and release of the findings: “Warning letters were issued requesting the operator to stop using the machine and recommend termination of all services and comply with the regulations.” Any violation of the laundry rules will result in an investigation and action will be taken accordingly.
