UK’s FCA Strengthens Control Of Crypto ATMs To Avoid Money Laundering Risks
The Financial Conduct Authority (FCA) of the United Kingdom is clamping down on the usage of cryptocurrency ATMs, as indicated by raids in three locations. The FCA said that it had assessed premises in Exeter, Nottingham, and Sheffield in collaboration with the local police. The devices used to convert fiat cash into cryptocurrency are considered a money laundering risk, and none are registered with the FCA as needed by law.
Some nations, though, are adopting a very different strategy. Crypto ATMs are becoming more prevalent in the United States and Australia, despite efforts by some to connect them to money laundering and prohibit their usage. In the lack of any FCA permission, the operation of crypto ATMs is prohibited in the United Kingdom. Their usage is associated with organized crime, according to officials. Local organized crime forces in the region assisted in the searches this week as part of a coordinated operation targeting unlawful usage. The FCA said that it was analyzing the information gathered during its examination but did not clarify what if any, additional action would be taken.
Source
https://t.me/Crypto_Bitcoin_Blockchain
