The UK Financial Services Authority (FCA) is calling on all ATM maintainers of cryptocurrencies operating in the country to cease operations immediately if they want to avoid legal action.
The regulations apply to all Bitcoin and other cryptocurrency vending machines in the UK as they are not approved by the FCA and the country's Money Laundering Regulations (MLR).
"Cryptocurrency ATMs in the UK must be registered with our organization and comply with the country's money laundering regulations. None of the companies reported to us are licensed to provide cryptocurrency ATM services. This means that companies in the UK are operating illegally and consumers will not be able to use their services." – Appears on the Financial Supervisory Authority's website.
In addition, according to the report, the country's Supreme Court recently issued a decision rejecting an appeal by Gidiplus cryptocurrency ATM operators to resume trading. They claimed there was no evidence that Gidiplus would conduct its business in a broadly appropriate manner.
In the meantime, the court is still hearing the operator's appeal against the FCA, which denied its application for registration under the MLR.
Goodbye Cryptocurrency ATM
According to Coin ATM Radar, there are 81 operating machines in the UK, mainly in supermarkets and convenience stores. These facilities themselves have been warned to stop operating these machines.
"We are concerned about the cryptocurrency vending machines in the country. Therefore, we will be contacting these companies and instructing them to stop the machines or take other measures." Announced the FCA.
On the other hand, the FCA regularly warns consumers about what they consider to be the high risk and lack of legal or financial protection of these digital devices.