The UK Cracks Down on Bitcoin ATMs Citing Inadequate Policies

The UK Cracks Down on Bitcoin ATMs

The UK’s Financial Conduct Authority has announced that all unlicensed bitcoin ATMs must be closed or risk further regulatory actions over a lack of regulatory framework.

The regulator has the intention to reach out to the targeted firms to implement the directive expressing concerns about crypto ATMs operating in the island nation.

FCA is basing its directives on volatility and the possible violation of Money Laundering Regulations as the reason for the legislation.

Data from Coin ATM analytical firm reveals that there are 81 bitcoin ATMs in the UK run by eight companies, which the watchdog claims to have no licensing status.

The agency has licensed 33 cryptocurrency firms since August 2020 in the MLR framework, including Gemini and Galaxy digital.

Firms like Copper Technologies and Revolut have received temporary registration status in the country up to March 31, pending further determination.

Bitcoin-focused crypto-asset ATM service, Gidiplus, was denied an operating license by FCA to operate bitcoin ATMs last year.

Source: Cointelegraph

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