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all Bitcoin ATMs in great britain already closed
The Financial Conduct Authority (FCA) has warned Bitcoin ATMs operators in the UK to shut down their machines, or they will face enforcement action. In a statement, the financial regulator said it has not granted any crypto companies registered with it permission to provide ATM services. This means that all crypto ATMs in the UK s illegal.
"Crypto ATMs offering cryptocurrency exchange services in the UK must be registered with us, complying with UK money laundering regulations."
- wrote the regulator in an interview for The Telegraph.
There are about 81 operational crypto ATMs in the UK. This is data based on the Coin ATM Radar tracking site. They are mainly located in supermarkets and convenience stores.
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Bitcoin ATMs allow users to deposit cash in exchange for cryptocurrency, which they can transfer to their digital wallets. The regulator has previously raised concerns that the machines could be used for money laundering because they require minimal "background checks on financial behavior," especially for small deposits.
Gidiplus, a Bitcoin ATM operator, tried to take issue with the FCA's refusal to grant it a license. The regulator argued that criminals could take advantage of weak identity checks on its machines for people depositing less than £250.
It claims that money launderers and illegal companies could potentially use the devices to conduct small transactions to avoid being noticed by authorities. The UK's higher court ruled against Gidiplus, which has since sold its ATMs to an Eastern European buyer.
The regulator concluded its announcement with a warning that the cryptocurrency is high risk and that people could lose money if something goes wrong:
"We regularly warn consumers that cryptocurrencies are unregulated and high risk. This means you won't have any protection if something goes wrong. You should be prepared to lose all your money if you decide to invest in them."
The whole situation is said to follow the confiscation of three NFTs last month
The investigation resulted in the arrest of three people on fraud charges. The suspects used virtual private networks (VPNs), stolen identities, fake addresses and unregistered phones to hide illegal activities.
This was the country's first acquisition of a blockchain-based digital collection.
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Nick Sharp, deputy director of economic crime at Her Majesty's Revenue and Customs, told the BBC , that authorities
"They are constantly adapting to new technology to make sure they keep up with how criminals and fraud evaders try to hide their assets."
The use of bitcoin ATMs is also coming under increasing scrutiny in other parts of the world. New licensing guidelines issued by the Monetary Authority of Singapore (MAS) forced ATM operators there to shut down in January.
What is the future of Bitcoin ATMs? Talk about it with other investors on Telegram.
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