Cryptocurrency ATMS up against wall in crackdown

Cryptocurrency ATMS in east London are being targeted in a crackdown by the financial watchdog and the police.

The Financial Conduct Authority (FCA) has inspected several sites suspected of hosting unregistered machines that allow customers to buy Bitcoin and other cryptocurrencies using cash or debit cards.

The joint operation with the Metropolitan Police follows its inquiry into locations in Leeds that were also suspected of illegally hosting similar ATMS, the regulator said yesterday.

The FCA is working with the National Economic Crime Centre to plan and coordinate action against operators of such machines, using its enforcement powers under antimoney laundering laws.