The searches, which are thought to be a part of the UK’s first campaign against illegal crypto ATMs, were conducted with assistance from the Financial Conduct Authority (FCA) of the UK and the Digital Intelligence Unit of West Yorkshire Police, the FCA announced on Tuesday.
The watchdog asserted that there are currently no FCA-registered crypto ATM businesses in the UK. According to the document, the organization had previously written to all operators to warn them of the legal repercussions of not registering with the FCA.
The FCA stated that it is collaborating with a number of law enforcement agencies, including local police forces, to disrupt and dismantle unlawful Crypto ATMs.
The action was taken shortly after the FCA announced that the new UK financial promotional system would soon apply to all cryptocurrency firms promoting to UK customers, including those operating overseas.
The government warned that violations might result in up to two years in prison. “Firms must begin preparing for this regime right away. If a company violates these rules, we will act decisively, the regulator said.
Notably, data from the UK police division Action Fraud revealed a 32% surge in bitcoin fraud in the UK to $273 million ($226 million) in a single year.
According to Hinesh Shah, a forensic accountant at Pinsent Masons, “Fraudsters always seek to prey on less experienced investors by offering big returns,” if circumstances are difficult.
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