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Bitcoin ATMs Have All Been Shut Down by UK Financial Regulator

The FCA has in fact ordered all crypto cashpoints to shut down their ATMs.

atm
Photo by AS Photo Studio / Envato

The Financial Conduct Authority of the UK (FCA) has ordered crypto ATMs to shut their machines down or face enforcement action, according to a statement released today.

The FCA stated that if any ATMs of cryptocurrency offering crypto exchanges of any kind have got to be registered with the FCA, and must also comply with the UK’s Money Laundering Regulations, as well.

The FCA said, “None of the crypto asset 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.”

“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,” added the Regulator to their statement.

Per a website that keeps track of crypto ATMs across the globe named ATM Radar, there are a total of 81 crypto ATMs that exist in the UK at the moment.

Furthermore, more than 50 of these are situated in London, Birmingham being the one coming in second with 9 total ATMs.

The UK makes it into the top 10 countries in the world on a global scale in terms of cryptocurrency ATM count, just trailing Romania with a whopping 124.

In terms of being the leader of crypto ATMs, the U.S. by far takes that status with 32,000 of these ATMs active and in place.

This marks the latest in a series of crackdowns by the FCA pertaining to the broader crypto industry. For instance, just last year in January, the FCA issued a list of five concerns that users and consumers should be aware of when they’re partaking in dealing with cryptocurrencies, which are related to consumer protection, price volatility, and misleading marketing material too.

The FCA also stated that “if consumers invest in these types of products, they should be prepared to lose all their money.”

The warning in question was once more reiterated in September 2021, by the CEO of the FCA, Nikil Rathi. Concerns regarding specific firms in the industry have also been noted by the FCA, including, of course, the largest exchange, Binance.

The regulator also has a “huge issue” with the lack of headquarters when it comes to Binance, and last year in September, it said that Binance UK’s entity was “not capable” of being regulated since it reportedly failed to even provide basic information to the regulator.

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