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Mar 11, 2022
by Jafrin Ahmed
Bitcoin ATMs Shuts Down After Being Declared Illegal in UK
The UK’s financial regulator, the Financial Conduct Authority (FCA) has issued warnings against service providers of all 81 Bitcoin ATMs to shut down after being declared illegal.
The FCA is concerned over the fact that crypto ATMs have almost negligible security checks and that none of the providers are actually licensed. This has led to concerns they could be used for money laundering.
“We have warned operators of crypto ATMs in the UK to shut their machines down or face enforcement action,” the regulator said, adding… “Crypto ATMs offering crypto-asset exchange services in the UK must be registered with us and comply with UK money laundering regulations.
A mere 33 companies are listed on the UK's crypto-asset register, with a further 22 on a time-limited list permitting trading until the end of March. The FCA has shut down 110 operators to date.
“We regularly warn consumers that crypto-assets are unregulated and high-risk, which means people are very unlikely to have any protection if things go wrong, so people should be prepared to lose all their money if they choose to invest in them,” said the FCA.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.