The UK’s Financial Conduct Authority (FCA) has told crypto ATM operators to shut down their machines or face enforcement action, per a statement released today. (Mar 11, 2022)
The FCA added that cryptocurrency ATMs that offer crypto exchange services must be registered with the FCA, and also must comply with the UK’s Money Laundering Regulations. None of the crypto assets firms registered with us have been approved to offer crypto ATM services, meaning that any of them operating in the UK are doing so illegally and consumers should not be using them. The UK has a total of 110 active cryptocurrency ATMs, despite the Financial Conduct Authority (FCA) recently advising consumers to stay away from the machines, which let people buy Bitcoin and other altcoins with cash more easily.
In January last year, the FCA issued a list of five concerns consumers should be aware of when dealing with cryptocurrencies, which are related to consumer protection, price volatility, and misleading marketing material. This warning was again reiterated in September 2021, by FCA CEO Nikil Rathi. The FCA also has concerns over specific firms in the crypto industry, including its largest exchange Binance.
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