U.K. financial watchdog takes aim at unregistered crypto ATM operators

The U.K.'s Financial Conduct Authority is taking enforcement action against cryptocurrency ATM operators that have not been registered with the FCA, according to a release dated Tuesday. "Unregistered Crypto ATMs operating in the UK are doing so illegally," the FCA emphasized. The financial regulator said it partnered with West Yorkshire Police's Digital Intelligence and Investigation Unit to crack down on unregistered crypto ATM operators in Leeds. The unit has already pinpointed the locations of "several live crypto ATMs." "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," Detective Sergeant Lindsey Brants of West Yorkshire Police said in a statement . The move comes shortly after U.S.-based crypto ATM operator Coin Cloud filed for Chapter 11 bankruptcy, with its biggest creditor being insolvent crypto lender Genesis Global Holdco. This is just one of the FCA's many efforts in scrutinizing the crypto space. Last week, the regulator warned crypto firms of imprisonment in the event that new ad rules were breached.