Two individuals have been arrested on suspicion of running illegal crypto ATMs and money laundering in joint operation by the Financial Conduct Authority (FCA) and Metropolitan Police.
During the operation, four premises across southwest London were searched, during which seven illegal crypto ATMs were found and seized.
“If you’re operating a crypto ATM or exchange illegally, then you should expect serious consequences,” said the FCA’s executive director of enforcement and market oversight Therese Chambers.
“There are currently no legally-operated crypto ATMs in the UK, so using one only supports crime. We will continue to partner with law enforcement agencies to fight financial crime and protect consumers.”
The FCA has been cracking down on unauthorised crypto ATMs, physical terminals that consumers can use to buy and sell cryptoassets, with multiple partnerships with police forces across the country.
“Our team is committed to working alongside our partners to address the growing threat of the misuse of cryptocurrencies,” added Detective Inspector Geoff Donoghue, of the Met’s cryptocurrency team.
“As cryptocurrency usage evolves, so does our efforts to safeguard our communities. This operation with the FCA shows our determination to keep Londoners safe from financial criminals.”
Previous raids have been conducted in Leeds and other parts of London.
Last September, Olumide Osunkoya became the first person convicted for operating crypto ATMs in the UK after pleading guilty in Westminster Magistrates Court.
Osunkoya illegally operated a network of at least 11 ATMs that processed more than £2.6m in transactions from December 2021 to September 2023.
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