Operation Against Illegal Crypto ATMs
In a coordinated effort between the Financial Conduct Authority (FCA) and the Metropolitan Police Service, authorities executed searches at four locations in southwest London. This operation resulted in the confiscation of seven crypto ATMs, which the FCA reported were being operated unlawfully.
Warnings from Authorities
Therese Chambers, the FCA’s Executive Director responsible for Enforcement and Market Oversight, issued a stern warning about the illegal nature of crypto ATMs in the UK, emphasizing:
“If you’re running a crypto ATM or exchange without the proper authorization, be prepared for severe repercussions. There are no legal crypto ATMs currently in operation in the UK, and using one only fuels criminal activity. We will persist in our collaboration with law enforcement to combat financial crimes and safeguard consumers.”
Commitment to Combat Cryptocurrency Misuse
The Metropolitan Police’s Cryptocurrency Team, led by Detective Inspector Geoff Donoghue, reiterated their commitment to tackling the increasing risks associated with cryptocurrency misuse. He stated:
“As the landscape of cryptocurrency develops, so do our initiatives to protect local communities. This collaboration with the FCA highlights our unwavering resolve to shield Londoners from financial offenders.”
Legal Requirements for Crypto Operations
Legally operating a cryptoasset exchange or ATM in the UK necessitates FCA registration, and non-compliance with money laundering regulations constitutes a criminal offense. Two individuals have been taken into custody and interviewed under caution but have since been released pending further investigations.
