UK's Financial Regulator Orders Shutdown of All Bitcoin ATMs
upstart writes:
UK's financial regulator orders shutdown of all Bitcoin ATMs:
The Financial Conduct Authority (FCA) has warned operators of cryptocurrency ATMs in the UK to shut down their machines or else face enforcement action. In its announcement, the financial watchdog said that it hasn't granted any of the crypto firms registered with it the permission to operate ATM services. That means all crypto ATMs in the UK are illegal.
"Crypto ATMs offering cryptoasset exchange services in the UK must be registered with us and comply with UK Money Laundering Regulations," the regulator wrote. As The Telegraph reports, there are around 81 functional crypto ATMs in Britain based on data from the Coin ATM Radar tracker, located mostly inside supermarkets and convenience stores.
These ATMs allow users to deposit cash in exchange for cryptocurrency, which they can then transfer to their digital wallets. The regulator previously raised concerns that the machines could be used for money laundering, because they require minimal background checks, especially for small deposits.
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