[ad_1]
February 14, 2023
The UK’s Financial Conduct Authority is starting to target unregistered cryptocurrency ATMs and cracking down on sites in the city of Leeds that allegedly hold the machines, according to a report by Coin Telegraph.
“Unregistered crypto ATMs operating in the UK are doing so illegally,” Mark Steward, the app’s executive director, said in the report. He added that cryptocurrency products in general are “currently unregulated and high risk.”
The FCA stressed that all cryptocurrency ATMs must be registered and compliant with money laundering laws. Lindsey Brants, a police detective sergeant, said law enforcement initially sent cease and desist letters to the operators.
“Any breach of regulations would result in an investigation under money laundering regulations,” Brants told the outlet.
There are 28 locations that offer Bitcoin ATMs in the UK, with most located in London.
The FCA has issued registration to 41 cryptocurrency companies, including Gemini, Bitpanda, and Revolut.
|
Sources 2/ https://www.atmmarketplace.com/news/uk-takes-aim-at-unregistered-crypto-atms/ The mention sources can contact us to remove/changing this article |
[ad_2]