Illegal crypto ATMs closed down

The operators of illicit crypto currency ATMs in Exeter, Nottingham and Sheffield have been closed down in a bid to stop misuse

The inspections were part of a joint operation with the South West Regional Organised Crime Unit, Yorkshire and Humber Regional Organised Crime Unit and the Nottinghamshire Police force.

This is the second action in as many months as the Financial Conduct Authority (FCA) uses its powers to clamp down on illegal use of the cash machines after raids in east London and Leeds.

Peter Highway, economic crime unit manager at the South West Regional Organised Crime Unit (SWROCU), said: ‘Criminals will use crypto ATMs to launder illegally obtained cash, so we were pleased to assist our colleagues at the FCA in targeting businesses in the region displaying these machines without authorisation.’

Ramona Senior, head of economic crime at the Yorkshire and Humber Regional Organised Crime Unit, said: ‘Machines such as these are a key component in the facilitation of money laundering and the movement of funds acquired through criminal activity.’

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