UK Authorities Shut Down Illegal Crypto ATM Network, Two Suspects Under Investigation

U.K. authorities have dismantled an unregistered cryptocurrency exchange operation, arresting two individuals and seizing seven crypto ATMs across southwest London. The Financial Conduct Authority (FCA), working with the Metropolitan Police, executed searches at four locations as part of an ongoing financial crime probe.

No charges have been filed yet, but the suspects were interviewed under caution before being released pending further investigation. The FCA reiterated that operating crypto ATMs or exchanges without proper registration violates U.K. law. Therese Chambers, the FCA's enforcement chief, emphasized that all currently operating crypto ATMs in the country are illegal, warning that such operations facilitate criminal activity.

Since 2021, the FCA has required all crypto businesses to register and comply with anti-money laundering regulations, including customer due diligence and source-of-funds verification. The agency maintains strict oversight as the anti-money laundering supervisor for crypto service providers.