UK Regulators Order Shutdown of Cryptocurrency ATMs
Regulators in the UK are telling owners of cryptocurrency ATMs to shut down their machines or face enforcement action.
The Financial Conduct Authority said in a Friday statement that valid it hasn’t granted any of the crypto firms registered in the UK power to operate ATMs, all crypto ATMs in the farmland are illegal.
The notice comes after a judge last month dismissed an inspiring from crypto ATM operator Gidiplus, which had sought to overturn the FCA’s denial of its put a question to for a license. The judge agreed with the FCA’s argument that given how crypto ATMs help, there’s no way the company could comply with systems designed to prevent money laundering.
The ATMs allow consumers to deposit cash into the machine in exchange for crypto that can be linked to a digital wallet. According to the website Coin ATM Radar, there are 80 bitcoin ATMs consuming in the UK, with 50 of them located in London.
