Bitcoin ATMs Declared Illegal in the UK as Regulators Demand Shut Down
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The Financial Conduct Authority (FCA) has ordered that all Bitcoin ATMs in the United Kingdom be shut down or the operators will face enforcement action
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The financial watchdog claims that operators of the crypto ATMs had not been granted permission to operate ATM services
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According to data from Coin ATM Radar, there are around 81 functional ATMs around Britain
Crypto ATMs that are used by people to buy and sell Bitcoin and other cryptocurrencies have been declared illegal in the United Kingdom. On Friday, Britain’s Financial Conduct Authority (FCA) released a letter demanding that companies operating Bitcoin ATMs should shut them down.
The following was seen on the FCA’s website:
“Crypto ATMs offering crypto assets exchange services in the UK must be registered with us and comply with UK Money Laundering Regulations… None of the crypto asset firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally and consumers should not be using them”
Read also: $124 Million Lost to Brother and Sister in Crypto Scam
Data from Coin ATM Radar shows that there are around 81 functional cryptocurrency ATMs in the United Kingdom, located mostly inside supermarkets in the country.
These Bitcoin ATMs allow users to deposit cash and purchase cryptocurrency, which can be transferred to their personal digital wallets afterward. The regulator’s major concern about the machines is that they can be used for money laundering since they require minimal background checks.
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