UK regulator cracks down on illicit London crypto ATMs

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UK regulator cracks down on illicit London crypto ATMs
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LONDON : Britain's markets regulator and police have swooped on suspected illegal crypto cashpoints (ATMs) across east London as authorities step up attempts to disrupt unregistered businesses deemed high risk for consumers.The Financial Conduct Authority (FCA), which last month launched a similar crackdo

LONDON : Britain's markets regulator and police have swooped on suspected illegal crypto cashpoints across east London as authorities step up attempts to disrupt unregistered businesses deemed high risk for consumers.

The inspections were conducted under money laundering regulations, which allow officers to enter premises without a warrant, observe activities, seek explanations about documents or information and take copies. The FCA, which has long warned consumers that cryptoassets are unregulated and that investors should be prepared to lose all of their money, told CATM operators last year to shut the machines down or face further the investigation.

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