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UK bans Bitcoin ATMs: “Shut down the machines”

Regulators in the UK have forced all companies operating bitcoin ATMs in the country to stop their operations and move their machines from the locations they occupy from this Friday (11).

UK bans Bitcoin ATMs: “Shut down the machines”

UK bans Bitcoin ATMs: “Shut down the machines”

The UK Financial Conduct Authority (FCA) statement states that all cryptocurrency ATM operators must be registered with the entity and comply with local anti-money laundering regulations.

As no crypto company currently licensed by the FCA is authorized to offer this type of service, all ATMs in the UK that offer buying and selling of cryptocurrency are operating illegally.

Today’s alert, therefore, comes to force companies in the area to stop offering this service immediately. “Consumers should not use them either,” the note adds.

“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,” the FCA said.

The UK is currently the 10th country with the most bitcoin ATMs, with 81 machines spread across the region, according to Coin ATM Radar.

According to today’s note from the FCA, companies in the area were aware that they should seek registration. Those who tried, however, failed.

Gidiplus, a company that operates crypto ATMs, received a “no” from regulators when it applied for the license and appealed to the High Court to overturn the decision, once again, to no avail.

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