Financial Authority bans crypto ATMs from operating in the UK
by Daily Bitcoin Editor
The UK’s FCA has called for the immediate closure of all crypto ATMs.
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 says ATMs must be registered with the FCA, none of which have been registered yet.
This request refers to All Bitcoin (BTC) and other UK cryptocurrency ATMssince they were declared illegal Due to UK Money Laundering Regulations (MLR) and no formal Financial Conduct Authority (FCA) approval. The financial regulator posted a notice on your website today, March 11, saying:
“Crypto ATMs offering crypto-asset exchange services in the UK must be registered with us and comply with UK Money Laundering (MLR) regulations. None of our crypto-asset companies registered has been approved to provide crypto ATM services, Which means one of them operating in the UK is doing it illegally And consumers shouldn’t use it.
“We are concerned about the crypto ATMs operating in the UK and will therefore be communicating with operators to order the machines to decommission them or face other action,” FCA said.
a special case
According to the announcement, the UK Supreme Court Recently made the decision to reject the appeal of the crypto ATM operator Gediplus keep working, citing “Lack of evidence on how GIdiplus operates in a widely supported manner. » Meanwhile, the operator’s appeal against the Financial Conduct Authority (FCA) for rejecting the registration request is still pending in court.
Similarly, the statement from the Financial Conduct Authority (FCA) indicates that since they released a list of unregistered crypto firms that may have continued doing business, “A recent assessment revealed that the 110 no longer works.”
According to data from auto coins radar, There were 81 cryptocurrency ATMs in the UK at the time of writing, most located in supermarkets and convenience stores. These same establishments also received warnings to stop operating machinery. It should be noted that according to this page, today there are 36,352 ATMs in the world, with a growth rate of 36 ATMs per day. In the United States alone, there are over 32,000 crypto ATMs.
It should be noted that this was not the only recent action by the FCA in reference to cryptocurrencies. This month alone, it reported that it was investigating at least 50 cryptocurrency companies and reviewed over 300 cases involving digital assets.
Similarly, the UK said in January that it would further tighten its policy on cryptocurrency advertising, primarily to prevent misleading promotions and protect consumers.
sources: fiat chrysler cars, FeinboldAnd the ATM radar for partsAnd the Archive
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