Operators of illegal crypto currency ATMs in Leeds have been told to stop their activities following a joint investigation between the Financial Conduct Authority (FCA) and West Yorkshire Police.
In what is thought to be a national first, the regulator joined forces with the force's Digital Intelligence and Investigation Unit, using powers to enter and inspect a number of locations around the city where illegal ATMs were thought to be in use. Operators have been warned they face investigation under money-laundering regulations if they do not close the machines.
Crypto ATMs allow customers to buy or convert funds into cryptoassets. Providers of such exchanges must be registered with the FCA to comply with UK money laundering regulations. At the moment, no crypto ATM operators are FCA registered.
