There has been a crackdown on sites in Leeds suspected of hosting illegally operated crypto ATMs.
Following a joint operation with West Yorkshire Police’s Digital Intelligence and Investigation Unit, the Financial Conduct Authority entered and inspected several machines.
Crypto ATMs are machines which allow customers to buy or convert funds into cryptoassets.
In the UK cryptoasset exchange providers, which includes crypto ATM operators, must be registered with the FCA and comply with national money laundering regulations.
No crypto ATM operators currently have FCA registration. The regulator said it previously wrote to all operators and hosts warning of the legal consequences of failing to register.
“Having conducted intelligence gathering work across West Yorkshire, we soon established the locations of several live crypto ATMs,” said Det Sgt Lindsey Brants of the Force Cyber Team at West Yorkshire Police.
“Warning 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.
“We are pleased to be able to work in partnership with the FCA in what we believe is a national first here in West Yorkshire.”
The FCA says it is working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs.
It will review evidence gathered during these visits and consider further potential enforcement action.
Cryptocurrency shorts
Changpeng Zhao, CEO of cryptocurrency exchange Binance, says the industry will “probably” start using euro, yen, or Singapore dollar-based stablecoins in the future “given the current pressure and current stances taken by the regulators on the US dollar-based stablecoins”.
Jake Chervinsky, chief policy officer at the Blockchain Association, says US financial regulators “are bound by legal reality” and lack “the authority to comprehensively regulate crypto”. He says Congress will ultimately decide crypto regulation in the country.
Taurus, a digital asset infrastructure provider for financial institutions in Europe, has raised $65 million Series B funding led by Credit Suisse.
Orb Labs, a blockchain interoperability company, has raised $4.5m seed funding led by Bain Capital Crypto to power Web3 innovation through its gas-efficient, secure and configurable protocol.
Crypto prices
The overall market cap of the 22,500 coins is at $1.03 trillion at the time of writing (7am UK), a 2.3% increase in the last 24 hours.
For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.