The Financial Authority bans crypto ATMs from operating in the UK

The UK’s FCA has called for the immediate closure of all crypto ATMs.

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The UK Financial Conduct Authority (FCA) All cryptocurrency ATM operators in the country have been ordered to immediately close their ATMs to consumers if they want to avoid legal action. It indicates that ATMs must be registered with the FCA, none of which have yet been registered.

This request refers to All Bitcoin (BTC) and other UK cryptocurrency ATMssince they were declared illegal Under UK Money Laundering Regulations (MLR) and lack of formal approval from the Financial Conduct Authority (FCA). The financial regulator has published Notice on your website Today, March 11th, saying:

“Crypto ATMs offering crypto-asset exchange services in the UK must be registered with us and comply with UK Money Laundering Regulations (MLR). None of our registered crypto-asset companies have been approved to provide crypto ATM services, Which means that any of them operating in the UK are doing so illegally And consumers should not use it.”

“We are concerned about crypto ATMs operating in the UK and will therefore be communicating with the operators to direct the machines to decommission them or face further action,” FCA said.

a specific case

According to the announcement, the UK Supreme Court Recently made a decision to reject the appeal of the crypto ATM operator Gediplus to continue working, citing “Lack of evidence on how GIdiplus conducts its business in a way that is widely supported.” Meanwhile, the operator’s appeal against the Financial Conduct Authority (FCA) for rejecting the registration application is still being heard in court.

Similarly, the Financial Conduct Authority (FCA) statement says that since they published a list of unregistered crypto firms that may have continued to do business, “A recent evaluation found that the 110 no longer works.”

81 ATMs

According to data from coins atm radar, There were 81 cryptocurrency ATMs in the UK at the time of writing, most of them located in supermarkets and convenience stores. These same establishments also received warnings to stop operating machines. It should be noted that according to that page, there are 36,352 ATMs in the world today, with a growth rate of 36 ATMs per day. In the United States alone, there are more than 32,000 crypto ATMs.

It is worth noting that it was not the only recent action by the FCA in reference to cryptocurrencies. Just this month, it reported that it was investigating at least 50 cryptocurrency companies and reviewed more than 300 cases involving digital assets.

Similarly, the UK stated in January that it would further tighten its policy on advertising of cryptocurrencies, primarily to prevent misleading promotions and protect consumers.

sources: fiat chrysler cars, FeinboldAnd the ATM Radar for CoinsAnd the Archives

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