It was stated that 81 Bitcoin ATMs were banned in the UK.
The Financial Conduct Authority (FCA) has written a letter to providers of cryptocurrency ATMs telling them to cease operations or face enforcement action. There are 81 operating Bitcoin ATMs in the UK, according to Coin ATM Radar, which monitors machines around the world. Most work in grocery stores and supermarkets, which the FCA also writes.
According to the information obtained, none of the operators operating the ATMs are licensed by the FCA. For this reason, the demand for the removal of the machines came.
Bitcoin ATMs allow users to deposit money in exchange for cryptocurrency, which they can then transfer to other online wallets.
FCA said:
“We have warned crypto ATM operators in the UK to shut down their machines or they may face sanctions. Crypto ATMs offering crypto asset exchange services in the UK must be registered with us and comply with UK money laundering regulations. None of the crypto-asset companies registered with us have been approved to offer crypto ATM services, which means that anyone operating in the UK is doing so illegally and consumers should not use them.”
The regulator may prohibit, fine, or prosecute the owners of illegally operating companies from other financial dealings.
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