{"id":609670,"date":"2023-02-19T07:49:56","date_gmt":"2023-02-19T13:49:56","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/02\/19\/uk-authorities-clamp-down-on-illegal-crypto-atms\/"},"modified":"2023-02-19T07:49:56","modified_gmt":"2023-02-19T13:49:56","slug":"uk-authorities-clamp-down-on-illegal-crypto-atms","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/02\/19\/uk-authorities-clamp-down-on-illegal-crypto-atms\/","title":{"rendered":"UK authorities clamp down on illegal crypto ATMs"},"content":{"rendered":"<div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero Images\/cryptocurrency-Bitcoin-Ethereum-Litecoin-2-adobe_searchsitetablet_520X173.jpg\" data-credit=\"rcfotostock - stock.adobe.com\"  width=\"520\" height=\"173\" alt><\/p>\n<p>rcfotostock &#8211; stock.adobe.com<\/p>\n<\/p><\/div>\n<div id=\"content-header\">\n<h2>The Financial Conduct Authority and West Yorkshire Police have disrupted a number of illegal crypto ATMs<\/h2>\n<\/div>\n<div id=\"content-center\">\n<ul>\n<li><i data-icon=\"1\"><\/i><\/li>\n<li><i data-icon=\"2\"><\/i><\/li>\n<\/ul>\n<div id=\"contributors-block\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Alex-Scroxton-CW-Contributor-2022.jpg\" alt=\"Alex Scroxton\">\n\t\t\t\t\t<\/p>\n<p><span>By<\/span><\/p>\n<ul>\n<li>\n\t\t\t\t\t<a href=\"https:\/\/www.techtarget.com\/contributor\/Alex-Scroxton\">Alex Scroxton,<\/a><br \/>\n\t\t\t\t\t\t<span>Security Editor<\/span>\n\t\t\t\t\t\t<\/li>\n<\/ul>\n<p>\n\tPublished: <span>14 Feb 2023 15:00<\/span>\n<\/p>\n<\/div>\n<section id=\"content-body\">\n<p>The UK\u2019s Financial Conduct Authority (FCA), working alongside West Yorkshire Police\u2019s Digital Intelligence Unit, has raided several properties in Leeds suspected of hosting illegal <a href=\"https:\/\/www.techtarget.com\/whatis\/definition\/cryptocurrency\">cryptocurrency<\/a> automatic teller machines (ATMs).<\/p>\n<p>The joint action, using powers granted by the <a href=\"https:\/\/www.legislation.gov.uk\/uksi\/2017\/692\/made\">Money Laundering Regulations 2017<\/a>, came after a lengthy evidence-gathering exercise.<\/p>\n<p>Like their legitimate counterparts, a familiar feature outside banks for more than 50 years, crypto ATMs are standalone digital units that enable users to buy and sell cryptocurrency assets by paying in cash or using a debit card, which they then deposit in the user\u2019s crypto wallet.<\/p>\n<p>Although there are many thousands of them around the world \u2013 the majority in the US \u2013 their use in the UK is unsanctioned and, since no crypto ATM operators are registered with the FCA, illegal. The FCA has previously told crypto ATM operators working in the UK that their activities are illegal <a href=\"https:\/\/www.engadget.com\/uk-orders-bitcoin-atm-shutdown-125830919.html\">and ordered their shutdown<\/a>.<\/p>\n<p>\u201cUnregistered Crypto ATMs operating in the UK are doing so illegally [and] we will continue to identify and disrupt unregistered crypto businesses operating in the UK,\u201d said Mark Steward, executive director of enforcement and market oversight at the FCA.<\/p>\n<p>\u201cCrypto businesses operating in the UK need to be registered with the FCA for anti-money laundering purposes. However, crypto products themselves are currently unregulated and high risk, and you should be prepared to lose all your money if you invest in them.\u201d<\/p>\n<p>Detective sergeant Lindsey Brants of the Force Cyber Team at West Yorkshire Police added: \u201cHaving conducted intelligence gathering work across West Yorkshire, we soon established the locations of several live crypto ATMs.<\/p>\n<p>\u201cWarning letters were issued requesting the operators cease and desist using the machines and that any breach of regulations would result in an investigation under money-laundering regulations. We then shared our findings with the Financial Conduct Authority,\u201d said Brants.<\/p>\n<p>\u201cWe are pleased to be able to work in partnership with the FCA in what we believe is a national first here in West Yorkshire.\u201d<\/p>\n<p>The FCA said it was now reviewing evidence gathered during the raids and will consider potential action against the operators of the unsanctioned units. It is also working with other law enforcement agencies around the UK to disrupt and disable any remaining crypto ATMs.<\/p>\n<p>The regulator reiterated that there are no legally operated crypto ATMs in the UK, and that cryptocurrencies and related assets are currently not regulated and as such carry a very high degree of risk.<\/p>\n<p>Additionally, crypto investors <a href=\"https:\/\/www.computerweekly.com\/news\/365531082\/Researcher-exposes-crypto-scam-network-exploiting-YouTube\">who get caught up in a scam<\/a> such as a rug-pull or similar cannot expect any formal redress.<\/p>\n<p>Meanwhile, the UK Treasury is <a href=\"https:\/\/www.computerweekly.com\/news\/365530260\/Profound-digital-pound-decision-faces-policymakers\">pressing ahead with plans<\/a> to launch its own digital currency, which could ultimately lead to a government-backed digital pound that is already being dubbed Britcoin.<\/p>\n<p>Earlier in February, it opened a four-month consultation on the subject, and it is seeking a head of central bank digital currency to manage the project.<\/p>\n<p>The Treasury argues that a digital currency backed by a central bank such as the Bank of England will retain its value, unlike unregulated cryptocurrencies, and replicate the use of cash, while conforming to the highest standards of data protection and privacy.<\/p>\n<p>\u201cA digital pound issued and backed by the Bank of England could be a new way to pay that is trusted, accessible and easy to use. That is why we want to investigate what is possible first, whilst always making sure we protect financial stability,\u201d said chancellor of the exchequer Jeremy Hunt.<\/p>\n<\/section>\n<section id=\"DigDeeperSplash\">\n<h4>\n\t\t\t<i data-icon=\"m\"><\/i>Read more on Hackers and cybercrime prevention<\/h4>\n<ul>\n<li><a id=\"DigDeeperItem-1\" href=\"https:\/\/www.techtarget.com\/searchsecurity\/definition\/crypto-wallet-cryptocurrency-wallet\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/digdeeper\/1.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/digdeeper\/1_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/digdeeper\/1.jpg 1280w\" alt ><\/p>\n<h5>crypto wallet (cryptocurrency wallet)<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/onlineImages\/kerner_sean.jpg\" alt=\"SeanKerner\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Sean\u00a0Kerner<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-2\" href=\"https:\/\/www.computerweekly.com\/news\/365530412\/TSB-pilots-pods-as-branch-replacements\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/TSB_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/TSB_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/TSB.jpg 1280w\" alt ><\/p>\n<h5>TSB pilots pods as branch replacements<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-3\" href=\"https:\/\/www.computerweekly.com\/news\/365530160\/FCA-cracks-down-on-misleading-promos-by-social-media-influencers\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/twitter_marketing_social media_fotolia_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/twitter_marketing_social%20media_fotolia_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/twitter_marketing_social%20media_fotolia.jpg 1280w\" alt ><\/p>\n<h5>FCA cracks down on misleading promos by social media influencers<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Alex-Scroxton-CW-Contributor-2022.jpg\" alt=\"AlexScroxton\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Alex\u00a0Scroxton<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-4\" href=\"https:\/\/www.computerweekly.com\/news\/365530158\/UK-government-announces-plans-to-protect-consumers-through-cryptoasset-regulation\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/cryptocurrency-bitcoin-cat-sonsedskaya-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/cryptocurrency-bitcoin-cat-sonsedskaya-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/cryptocurrency-bitcoin-cat-sonsedskaya-adobe.jpg 1280w\" alt ><\/p>\n<h5>UK government announces plans to protect consumers through cryptoasset regulation<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Karl-Flinders-profile-pic-2022-140x180px.jpg\" alt=\"KarlFlinders\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Karl\u00a0Flinders<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p><a href=\"https:\/\/www.computerweekly.com\/news\/365531165\/UK-authorities-clamp-down-on-illegal-crypto-ATMs\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Georgianna Wiers<\/p>\n","protected":false},"excerpt":{"rendered":"<p>rcfotostock &#8211; stock.adobe.com The Financial Conduct Authority and West Yorkshire Police have disrupted a number of illegal crypto ATMs By Alex Scroxton, Security Editor Published: 14 Feb 2023 15:00 The UK\u2019s Financial Conduct Authority (FCA), working alongside West Yorkshire Police\u2019s Digital Intelligence Unit, has raided several properties in Leeds suspected of hosting illegal cryptocurrency automatic<\/p>\n","protected":false},"author":1,"featured_media":609671,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[292,103467,46],"tags":[],"class_list":{"0":"post-609670","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-authorities","8":"category-clamp","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609670","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=609670"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/609670\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/609671"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=609670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=609670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=609670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}