UK government Orders Illegal Crypto ATMs to Shut Down Operations

UK government Orders Illegal Crypto ATMs to Shut Down Operations

  • The United Kingdom government has ordered illegal crypto ATMs in the country to stop operations
  • The Financial Conduct Authority (FCA) stated that operators of illegal crypto ATMS should come for proper registration
  • This comes on heels of a court ruling which said one of the operators are running ATM services illegally in the country

Crypto adoption is so widespread in the United Kingdom that operators started erecting Automated Teller Machines (ATMs) for them.

On Friday, March 11, 2022, the United Kingdom’s financial regulator, the Financial Conduct Authority (FCA) announced that crypto ATM operators in the country should shut down with immediate effect as they lack the requisite license to operate.

Illegal Crpto ATMs in UK asked to stop operations
Illegal Crpto ATMs in UK asked to stop operations
Source: Getty Images

The FCA, in a published notice on Friday, said non of the operators have the required license to do business in the UK, hence all machines are illegal.

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Unlicensed operators to go

According to the notice, ATMs offering crypto asset exchange services in the UK must obtain registration with the FCA and abide by the UK Money Laundering Regulations (MLR). The FCA stressed that none of the crypto assets companies are registered with them or have been approved to offer crypto ATM services.

What you should know

Data from CoinATMRada say that there are about 81 crypto ATMs in the United Kingdom majority of which are in the London area,

According to data from CoinATMRadar, there are 81 crypto ATMs in the UK, with the majority located in the London Area. Manchester, Oxford and Birmingham also host a few machines.

The notice by the FCA comes after a court ruling against Gidiplus, a crypto ATM services operator in the country.

What the government say

The FCA gave licenses to only 33 crypto companies in August 2020 under the MLR framework.

Also, the financial regulator gave temporary registration to 22 companies to operate until March 31 this year.

US President, Joe Biden signs Executive Order to legalise cryptocurrency

Legit.ng has reported that Joe Biden, the US president has signalled a historic move in the trading of crypto in the US and around the world, a move experts predict will be a game-changer.

In a long-anticipated order that has had the crypto world worried, mostly due to regulatory issues around the world which are the relatively new digital assets, according to a report by CNBC.

There had been news of a misunderstanding in the White House between officials and the Treasury Secretary, Janet Yellen which led to setbacks in the policy coming out.

Source: Legit.ng

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