Drug dealers are laundering illicit funds through London's bitcoin ATMs, the Met police have said.
Officers said they saw a dramatic increase in the use of about 100 machines across the UK where anybody can deposit sterling in exchange for crypto currencies such as bitcoin.
Once digitised, the funds can be transferred across borders, converted back into cash, or spent online, said Met officers who held a briefing for reporters.
Traditionally, criminals have used cash-based businesses, bookmakers and casinos to launder money from drug deals and other illegal trades.
Bitcoins, which offers a high level of privacy if used correctly, can be bought by putting cash directly into the special ATMs and stored in an "online wallet".
They are found in about 50 cafes and convenience shops in London, with others dotted around the country.
"If you’re a local drug dealer [crypto ATMs] are a great opportunity to quickly dispose of cash," said Detective Inspector Tim Court, a cryptocurrency specialist, according to Business Insider.
Detective Chief Superintendent Michael Gallagher, who leads the Metropolitan Police’s Organised Crime Command, according to the the Daily Mail, said: "Drug dealers know how to use this.
"Officers from Trident [the Met’s gang crime command] are finding that street dealers are loading up local ATMs and standing on street corners cashless, which decreases the risk for them. If you move large quantities of cash it lowers your vulnerability to other criminals."
Even relatively unsophisticated criminals can use the technique, said officers, leaving no paper trail.
