Because they are already widespread on the streets of Germany and Austria, cryptocurrency ATMs are not exceptional there. Although in Great Britain, the situation is different. There, throughout a raid, the authorities have now seized most cryptocurrency ATMs.
The suspected illegally run cryptocurrency ATMs in Leeds were the target of the police raid. They allow customers to buy or sell traditional currencies for cryptocurrency. As part of the operation, many sites were checked for cryptocurrency ATMs.
UK Government is not Keen on the Cryptocurrency Business
Many pieces of evidence the police gathered in order to support their suspicions of illicit trade. The authorities then said that they would now review the evidence gathered before acting further. At first look, the conduct seems strange, yet it is warranted. Although there is presently no regulation of crypto assets in the UK, the government has established clear standards for any businesses that trade cryptocurrency.
The businesses must first register and provide documentation showing they have put in place reliable control procedures. These are designed to support the battle against money laundering and the financing of terrorism. Yet since there aren’t any registered cryptocurrency ATMs yet, all of the ones that do exist are, by default, unlawful.
Cryptocurrency ATMs are Now Illegal
Nonetheless, the attack happened after a warning rather than in an ambush. The operators had previously received a letter from the police issuing a warning. They warned them that continuing to operate their cryptocurrency ATMs may result in a money laundering investigation.The raid, in their opinion, was merely the beginning of a thorough probe into this situation. Authorities will keep collaborating with several other organizations to find and close down unlawful cryptocurrency ATMs. The Financial Markets Authority of Great Britain issued a warning against investing in cryptocurrency products in this situation since they are still unregulated and, in their view, carry a significant risk of default.
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