Less than two months have passed since Elliptic, a blockchain analytics startup, published a report predicting crypto regulations for this year. As global regulators tighten their grip on the business, the company predicts that crypto-related punishments will climb in 2023.
Reports on elliptic have already begun to emerge as global authorities engage in a rush of enforcement efforts. The Financial Conduct Authority (FCA) took action against unregistered crypto ATM providers in the United Kingdom, according to a recent article.
According to the FCA’s report, the UK agency investigated a number of suspected illicit cryptocurrency ATM activities in Leeds. The FCA, in partnership with the Digital Intelligence and Investigation Unit of the West Yorkshire Police, acquired evidence from several city areas. According to their findings, all cryptocurrency ATMs in the United Kingdom operate without licenses.
Mark Steward, executive director of enforcement and market oversight at the FCA, stated in a statement that the regulator would continue to pursue unregistered crypto firms in the UK.
The executive emphasized that all ATM operators, including crypto ATM providers, must register with the FCA and abide by UK anti-money laundering regulations. In addition, he stated that crypto assets are “high-risk pigs” that need governmental monitoring. According to government officials, those who invest in them may suffer losses.
West Yorkshire Police’s Force Cyber Team Deputy Sergeant Lindsey Brants also reacted. Recent investigations, according to Brants, have enabled them to pinpoint the sites of other operational cryptocurrency ATMs. The officer also highlighted that regulators issued cease and desist orders to businesses. In addition, the regulators cautioned that violations of restrictions will result in investigations under the money-laundering laws.
Officer Brants remarked that the Force Cyber Team is pleased with their work with the FCA in the “first crypto enforcement action in West Yorkshire.” The UK government is collaborating with a number of law enforcement organizations, including local police, to disable unregistered cryptocurrency ATMs.
In addition, the article suggests that the FCA previously warned crypto ATM operators and hosts of “imminent” penalties if they failed to register with the watchdog. The current FCA action against cryptocurrency ATMs will affect a large number of companies.
According to Coin ATM Radar, up to 28 sites in the United Kingdom provide these machines. The research reveals that over fifty percent of crypto ATMs are located in London, with additional facilities in Birmingham, Manchester, and Nottingham.
Also Read: US Lawmakers And Scholars Discuss The SEC’s Role In Cryptocurrency Regulation
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