FCA orders closure of all UK crypto ATMs

Posted: 14th March 2022

The UK’s Financial Authority says that any cryptocurrency ATMs operating in the UK are doing so illegally and that they must be shut down.

In a statement, the FCA says that crypto ATMs must be registered and comply with UK money laundering regulations.

But, none of the crypto firms registered with the watchdog have been given the go-ahead to offer ATM services, meaning that they are operating illegally.

According to the Coin ATM Radar site, there are fewer than 100 crypto ATMs in the UK. Operators will be contacted by the FCA and told to shut their machines down or face further action.

Earlier this month, the regulator revealed that it opened over 300 cases related to crypto firms in a six-month period last year and has 50 live investigations, including criminal probes, into companies in the sector.

Source

Categories: Cashless Society
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