In the UK, the work of all cryptomats has been stopped

The British Financial Conduct Authority (FCA) has declared the activities of crypto ATM operators illegal.

At the beginning of March 2022, the fleet of cryptomats installed in the UK consisted of 81 units. Most of them work in convenience stores and supermarkets.

According to the FCA, the ATMs are operated by at least eight operators, but none of them hold a management license. All operators have been ordered to turn off the machines and remove them from retail outlets, where the FCA has made a similar request.

Earlier, the regulator reported that only 50 UK cryptocurrency companies listened to the FCA’s requirement for mandatory registration and warned other market participants about the imminent consequences – forced measures to close the business.

“ATMs offering crypto asset exchange services in the UK must be registered and must comply with UK regulations, including those related to combating money laundering. None of the companies has received approval to provide such services. This means that all ATMs operate illegally and consumers should not use them. We have warned the operators to turn off their machines themselves – or this will be done forcibly.”

Facing pressure from British officials, large companies such as Celsius and Bitpanda have already moved their head offices from the UK to the US. Blockchain.com’s chief executive criticized the FCA, saying the regulator’s stance means the UK is lagging behind Europe in innovation and cryptocurrencies.

Source: Bits

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