{"id":4582,"date":"2023-05-05T10:21:01","date_gmt":"2023-05-05T14:21:01","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/uk-regulator-descends-upon-illegal-crypto-atms-in-latest-raid\/"},"modified":"2023-05-05T10:21:02","modified_gmt":"2023-05-05T14:21:02","slug":"uk-regulator-descends-upon-illegal-crypto-atms-in-latest-raid","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=4582","title":{"rendered":"UK Regulator Descends Upon Illegal Crypto ATMs in Latest Raid"},"content":{"rendered":"
\n

The UK\u2019s financial regulator, along with local police, descended upon illegally operated cryptocurrency automatic teller machines (ATMs) as part of a continued crackdown.<\/p>\n

The Financial Conduct Authority inspected sites in Exeter, Nottingham and Sheffield to stop the illegal activity, the regulator said in a statement <\/u>on Friday.<\/p>\n

\u201cCrypto ATMs operating without FCA registration are illegal,\u201d said FCA\u2019s Executive Director of Enforcement and Market Oversight Therese Chambers in a statement. \u201cThe action we\u2019ve taken over the past few months and wider work shows that we will act to stop illegal activity.”<\/p>\n

Chambers called crypto high-risk and said they are not currently regulated.<\/p>\n

The FCA said it worked with the South West Regional Organised Crime Unit, Yorkshire and Humber Regional Organised Crime Unit and the Nottinghamshire Police force on the inspections.\u00a0<\/p>\n

Criminals use crypto ATMs to launder illegally obtained cash, said Peter Highway, economic crime unit manager at the South West Regional Organised Crime Unit.\u00a0<\/p>\n

The FCA said it will gather evidence and consider taking further action following the inspections.\u00a0<\/p>\n

Crypto ATMs around the world\u00a0<\/h2>\n

Crypto ATMs allow people to buy or convert money into crypto, and the FCA says no crypto ATM operators are currently registered with the agency.<\/p>\n

There are 17 bitcoin ATMs in the UK., according to Coin ATM Radar<\/u>.\u00a0<\/p>\n

In the U.S., there are upwards of 29,000, according to that site<\/u>, with the majority big cities such as Washington D.C., New York and Los Angeles.\u00a0<\/p>\n

Past raids<\/h2>\n

The FCA raided several properties around Leeds suspected of having illegal crypto ATMs in February<\/u>.\u00a0<\/p>\n

Those raids were believed to be part of the UK\u2019s first crackdown on illegal crypto ATMs, according to the FCA\u2019s announcement<\/u> at the time.\u00a0<\/p>\n

The UK has also cracked down on other sectors within crypto.\u00a0<\/p>\n

In February, the FCA said all crypto firms marketing to UK consumers, including firms based overseas, will need to comply with a new UK financial promotions regime<\/u>.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK\u2019s financial regulator, along with local police, descended upon illegally operated cryptocurrency automatic teller machines (ATMs) as part of a continued crackdown. The Financial Conduct Authority inspected sites in Exeter, Nottingham and Sheffield to stop the illegal activity, the regulator said in a statement on Friday. \u201cCrypto ATMs operating without FCA registration are illegal,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":4583,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-4582","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nUK Regulator Descends Upon Illegal Crypto ATMs in Latest Raid | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The UK\u2019s financial regulator, along with local police, descended upon illegally operated cryptocurrency automatic teller machines (ATMs) as part of a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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