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Crackdown on Crypto ATMs Sets UK Apart From Other Nations

Press Releases Crypto News BeInCrypto Crackdown on Crypto ATMs Sets UK Apart From Other Nations

The UK’s Financial Conduct Authority (FCA) is cracking down on the use of crypto ATMs, as evidenced by raids in three cities. However, other countries are taking a decidedly different approach. Even as some seek to link them to money laundering and stop their use, crypto ATMs are increasingly common in the United States and Australia.

The FCA has announced another crackdown on the country’s crypto ATMs. This week, it conducted raids in Exeter, Nottingham, and Sheffield.

No Crypto ATMs Without FCA Approval

The UK prohibits the operation of crypto ATMs in the absence of formal FCA authorization. Officials link their use with organized crime. In this week’s enforcement action, local organized crime units in the area took part in the raids in a joint operation targeting unauthorized use.

Peter Highway, Economic Crime Unit Manager at the South West Regional Organized Crime Unit (SWROCU), said: “Criminals will use crypto ATMs to launder illegally obtained cash, so we were pleased to assist our colleagues at the FCA in targeting businesses in the region displaying these machines without authorization.”

The Head of Economic Crime at the Yorkshire and Humber Regional Organized Crime Unit said they were a “key component in the facilitation of money laundering.”

The FCA warned businesses last March that the unregistered use of crypto ATMs was illegal and would incur penalties. The regulatory body has published a list of financial companies suspected of operating illegally and unauthorized. They include those who operate crypto ATMs.

The UK’s regulators do not take a laissez-faire approach. As the FCA’s website reminds people, th

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Author: Josh Adams

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