UK Financial Conduct Authority (FCA)has once again taken action for illegal cryptocurrency ATMs clustered in the eastern part of the capital, London. Law enforcement forces carried out an operation in another region last month.
The UK’s financial regulator, FCA, announced on its website that it has started strict enforcement in East London to detect unregistered crypto businesses.
#Crypto ATMs operating without FCA registration are illegal and we will take action to stop this https://t.co/zlpSs72CBJ
— Financial Conduct Authority (@TheFCA) March 8, 2023
The financial regulator, which plans to conduct a joint operation with the city police, stated that it will gather evidence before taking legal action. Mark Steward, one of the FCA executives, told the press:
“We emphasize once again that we will not compromise after we detect unregistered crypto formations in the UK following our implementation in Leeds last month with the new operation.”
In its press release, FCA stated that it will work closely with the National Economic Crime Center to plan operations against illegal crypto ATMs.
The government agency that regulates crypto activities in the country requires companies and entities to obtain a license from them. FCA crypto ATM machines in the country “money laundering” outlawed in March 2022 due to concern.
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