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FCA Orders to Shut All Crypto ATMs in UK

FCA has declared that all the crypto ATMs are illegal.

The markets regulator of the UK, the Financial Conduct Authority (FCA) has warned that any crypto ATMs operating in the country are illegal.

In the statement, FCA ordered that crypto ATMs must register with the regulator and comply with UK Money Laundering Regulations (MLR).

“We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action,” warned the authority.

None of the firms registered with the FCA possess any approval for operating crypto ATMs. Therefore, all the ATMs are illegal, and consumers should not use them.

The regulator also cited the case of Gidiplus, a firm offering crypto ATM services. FCA had rejected its application for registration under the MLRs. Gidiplus then filed a lawsuit against the rejection. However, the Upper Tribunal recently ruled against Gidiplus.

In all of the UK, there are 68 crypto ATMs which constituted 0.2% of the global tally, according to Coin ATM Radar. The number peaked at 283 back in February 2020. Since then, it has been on a decline.

But the global tally has been steadily increasing. Last year, there were around 16 thousand crypto ATMs in the world. Today, the number stands at 36,399.

News recommendation: XRP Rose more than 9%. Could this be the reason?

Cover Photo Source: Wikimedia

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