The UK Authorities Raid Illegal Crypto ATMs in Leeds

West Yorkshire Police and the UK Financial Conduct Authority (FCA) have raided several businesses in the Leeds area that are believed to have been illegally installing cryptocurrency ATMs, The Guardian reports.

According to the agencies, the devices allow customers to convert traditional currencies into digital assets, including Bitcoin.

Although the FCA does not regulate cryptocurrencies, it does require companies in the industry to register and certify that they have effective anti-money laundering and terrorist financing controls in place.

The regulator does not allow the registration of crypto ATMs, which means that any device installed in the country works illegally.