FCA and West Yorkshire Police target illegal crypto ATM operations

The FCA is investigating "several sites" in the city of Leeds on the suspicion that they have been "hosting illegally operated crypto ATMs".

By Neasa MacErlean

All such facilities are likely to be illegal since all crypto businesses need to be registered with the regulator for money laundering purposes - but there are currently no operators with these ATMs that have Financial Conduct Authority registration. The FCA-police collaboration for this type of operation is the first of its kind.