Bitcoin ATMs declared illegal in the UK

UK Financial Conduct Authority (FCA) United An order to close all ATMs in Bitcoin in the country.

according to ATM Radar for CoinsThere are currently only 80 ATMs in Bitcoin Run around United kingdom, Compared to more than 32 thousand in the United States. Canada, home to the first ATM, comes in second with about 2,300 ATMs.

Most of the machines in the country are in supermarkets and convenience stores, for which the FCA has also issued a notice. The authority claims that it has not licensed any of the ATM operators and is concerned that they do not provide enough background checks that normally compel online exchanges to do so.

Crypto ATM offers crypto-asset exchange services in United kingdom Must be registered with us and comply with the money laundering regulations of United kingdom”, FCA said. “None of the crypto asset companies that are registered with us have been approved to provide crypto ATM services, which means that none of them operate in United kingdom It does it illegally and consumers should not use it.”

Why are Bitcoin ATMs being phased out?

. ATMs Bitcoin They allow cash holders to independently transfer their funds to this cryptocurrency, or vice versa. Since cash transactions are private, the proliferation of these machines has raised concerns that they could help facilitate crypto money laundering.

Companies found to be operating these machines illegally may be liable for fines and criminal prosecution while being barred from other forms of financial business.

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