New rules on crypto ATM begin to be implemented in the UK


The UK's Financial Conduct Authority (FCA) has begun implementing new rules regarding crypto ATMs. Representatives of the organisation have previously stated that any installation or use of crypto ATM is considered illegal in the UK. The latest information showed that the FCA and West Yorkshire Police have teamed up to solve the problems of ATM operators in Leeds, England.

The cyber division of West Yorkshire Police said it had detected several active crypto ATMs present in the county.Law enforcement agencies and the FCA have not disclosed how many ATM devices are in the UK or where they are located. However, according to Coin ATM Radar, 27 ATM devices have been installed in the UK.

West Yorkshire Police Detective Sergeant Lindsay Brants said that letters had previously been sent out demanding operators to stop using BTC machines or they would be investigated for money laundering.

All companies offering cryptocurrency-related services must be registered with the FCA in order to comply with anti-money laundering and counter-terrorist financing requirements.

Recently, financial regulators from many large countries have taken steps against companies related to cryptography and blockchain technology; this happened after the collapse of the FTX trading platform in 2022.

The FCA had previously warned that no registered cryptocurrency company could operate bitcoin ATMs on UK territory; thus, all previously installed crypto ATMs were declared illegal.

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