The UK’s Financial Services Authority (FCA) has called on ATM maintainers for all cryptocurrencies operating in the country to stop operating them with immediate effect if they want to avoid legal action.
The regulation applies to all Bitcoin and other cryptocurrency vending machines in the UK as they are not approved by the Financial Conduct Authority (FCA) and the country’s Money Laundering Regulations (MLRs).
“UK crypto ATMs must be registered with our organization and comply with the country’s money laundering regulations. None of the companies that have informed us are licensed to provide crypto ATM services. This means that UK companies are operating illegally and consumers will not be able to use their services.” – Back On the website of the Financial Supervisory Authority.
Moreover, according to the report, the country’s Supreme Court recently issued a decision rejecting an appeal filed by crypto ATM operator Gidiplus to resume trading. They claim that there is no evidence that Gidiplus will conduct its business in an adequate manner on a large scale.
Meanwhile, the court is still considering the operator’s appeal against the Financial Conduct Authority (FCA), which rejected its application to register under anti-money laundering laws.
Goodbye cryptocurrency ATMs
According to Coin ATM Radar, there are 81 machines in operation in the UK, mostly in supermarkets and convenience stores. The facilities themselves have been warned to stop operating these machines.
“We are concerned about crypto vending machines in the country. Therefore, we will contact the companies and ask them to shut down the machines or take other measures.” The Financial Conduct Authority (FCA) announced.
On the other hand, the FCA regularly warns consumers because they believe that these digital devices are high risk and lack legal or financial protection.
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