March 21, 2023

Financial Conduct Authority (FCA) and Metropolitan Police have conducted a series of raids in East London. The operation targeted several locations suspected of operating unlicensed cryptocurrency ATMs, which have become a popular tool for money laundering and other criminal activities.

The FCA has been closely monitoring the use of these ATMs, which allow users to buy and sell digital currencies without the need for identification or verification. This anonymity has made them a popular choice for criminals looking to launder money or move funds across borders.

The raids were carried out in coordination with the Metropolitan Police’s Cyber Crime Unit, which has been working closely with the FCA to identify and shut down illegal cryptocurrency operations. The operation resulted in the seizure of several ATMs and the arrest of several individuals suspected of involvement in the illegal operation of these machines.

The FCA has warned that the use of unlicensed cryptocurrency ATMs is a serious crime and that those involved in their operation will face severe penalties. The agency has also urged members of the public to be cautious when using these machines and to report any suspicious activity to the authorities.

The crackdown on unlicensed cryptocurrency ATMs is part of a wider effort by the FCA and other law enforcement agencies to tackle the growing problem of financial crime in the UK. The agency has recently launched a new campaign aimed at raising awareness of the risks associated with digital currencies and encouraging consumers to be more vigilant when investing in these assets.

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