The UK law enforcement have searched numerous homes in the Leeds area that they believe are home to bitcoin ATMs that are being operated without official .
The raid, which are thought to be a part of the UK’s first campaign against unauthorised crypto ATMs, were conducted with the assistance of the Financial Conduct Authority (FCA) of the UK and the Digital Intelligence Unit of West Yorkshire Police, the FCA announced.
The regulator stated that there are currently no FCA-registered crypto ATM businesses in the UK. The agency had previously warned all operators about the legal repercussions of doing business without registering with the FCA.
According to the agency, the FCA is collaborating with numerous law enforcement agencies, including local police departments, to dismantle illegal Crypto ATMs. It also stated that it will examine the evidence gathered during these visits and contemplate taking additional potential enforcement action.
Customers can purchase or exchange traditional currency for crypto assets using crypto ATMs. As of writing, there are currently 11 bitcoin ATMs operating around the United Kingdom, according to Coin ATM Radar.
The cyber unit at West Yorkshire police, as per DS Lindsey Brants, has sent warning letters to operators of cryptocurrency ATMs asking them to stop using the machines.
The action was taken shortly after the FCA announced that the new UK financial promotions regulation would soon apply to all cryptocurrency firms promoting to UK customers, including those operating overseas.
The government warned that violations might result in up to two years in prison. Firms need to start getting ready for this regime right away. The regulator threatened to take action against companies that did not follow these rules.
