City regulator joins Met in raids on suspected crypto ATM operations

The City watchdog and local police have raided several sites in east London suspected of housing illegal ATMs distributing cryptocurrencies, as part of a widening crackdown on the sector.

The joint operation between the Financial Conduct Authority (FCA) and Metropolitan police came just weeks after similar raids in Leeds. Those are believed to be the first to target crypto distribution in the UK, including machines that allow customers to buy or convert traditional currencies into cryptoassets such as bitcoin.

While the FCA does not regulate the sector, it does require all firms dealing in crypto to register and prove they have effective anti-money laundering and terrorist financing controls. There are no crypto ATMs registered with the FCA, meaning any operating in the UK are doing so illegally.