The United Kingdom's Financial Conduct Authority is cracking down on unregistered cryptocurrency

blockchain.news:

The Financial Conduct Authority (FCA), which is in charge of regulating the financial sector in the United Kingdom, is planning to go after unregistered bitcoin automated teller machines (ATMs).

The Financial Conduct Authority (FCA) and the cyber unit of the West Yorkshire Police have taken action against a number of locations in and around the city of Leeds that are suspected of hosting illegally operating cryptocurrency ATMs.

When the news was announced on February 14, the Financial Conduct Authority (FCA) noted that there are no crypto ATM operators in the United Kingdom currency who are registered with the FCA. All cryptocurrency exchange providers, including operators of cryptocurrency ATMs, are required to be registered with the Financial Conduct Authority (FCA) and adhere to the money laundering legislation of the United Kingdom, according to the authority.

Mark Steward, executive director of enforcement for the FCA, was quoted as saying that unregistered cryptocurrency ATMs that operate in the United Kingdom are engaging in illegal activity. Steward also stated that the FCA will continue to disrupt unregistered cryptocurrency businesses in the country. The executive said that crypto goods are «currently unregulated and high-risk,» advising clients to be ready to lose all of their money if they invest in cryptocurrency.

According to the statements of police detective sergeant Lindsey Brants, local enforcement officials have sent multiple warning letters to operators of cryptocurrency ATMs, urging that they stop utilizing the machines immediately. He continued by saying that any violation of the restrictions will result in an inquiry under the money-laundering regulations.

According to the findings of