The UK authorities arrested two people and seized the multiple encrypted ATMs regarding the investigation of the exchange of cryptocurrencies and a suspected financial crime.
According to a statement issued by the UK Financial behavior body (FCA), the operation was carried out in partnership with the Metropolitan police. The officers searched four places in the southwest of London, causing seven encrypted ATMs.
FCA confirmed that the suspects were cautious and were released with the investigations continuing. No fees have been submitted yet, and the investigation is still ongoing.
For all FCA, it is illegal to run a Cryptoasset exchange or ATMs in the United Kingdom without appropriate registration. All companies must comply with anti -money laundering systems, which include the customer’s due care and checks for defenders.
The Terse Chambers, the Executive Director of Infusion and Control in the market at FCA, said that there are currently no encrypted ATMs in the United Kingdom, adding that the use of unregistered machines “only supports crime” and the operators warned against expecting severe consequences.
FCA maintained a strict position against illegal ATM operations. Since January 2021, any commercial action must be recorded in the UK at FCA.
The Agency works as a supervisor to combat money laundering for Crypto service providers, and has repeatedly warned the audience of the risks associated with unorganized encryption machines.
The arrest of this week follows the first criminal ruling in the United Kingdom that includes the coded ATMs unregistered earlier this year. In this case, Olumide Osungoya was sentenced to four years in prison due to the management of Crypto ATM with a value of 2.5 million pounds through his company, Gidiplus.
Osunkoya continued to work despite being denied the registration of FCA and was condemned using fake identity documents, forgery, and possession of criminal property. The authorities also found that its devices exceeded the basic financial guarantees and possessed signs of up to 60 %.
While the encrypted ATMs remain banned in the United Kingdom, other countries adopt various methods. In the United States, more than 29,000 ATMs work for encryption, but organizational audit is increasing.
The states such as Nebraska imposed licensing bases, transactions caps, and fraud recovery delegations, while Spokan in Washington moved to the prohibition of ATMs for encryption.
Elsewhere, New Zealand carried out a full ban on ATMs for encryption. Recently, Australia has also provided more tight controls of this month, including the monetary limits for each Trisk and mandatory fraud warnings, after many high -value fraud associated with Bitcoin ATMs.
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