The Financial Conduct Authority enters sites suspected of hosting illegally operated crypto cash machines.
Several sites around Leeds suspected of hosting illegally operated crypto cash machines have been inspected by the Financial Conduct Authority.Users buy or sell crypto assets such as Bitcoin by putting cash into or taking it out of dedicated terminals that can resemble regular cash machines., so operating them in the UK is illegal.
The watchdog says it is working with multiple law-enforcement partners, including local police forces, to disrupt and disable illegal crypto cash machines in shopping malls, pubs, restaurants, newsagents and post offices. Officers had issued letters warning the operators to stop using the machines and that any breach of money-laundering regulations would result in an investigation, she said, and then shared their findings with the Financial Conduct Authority."We are pleased to be able to work in partnership with the FCA in what we believe is a national first here in West Yorkshire," Det Sgt Brants added.
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