The Financial Conduct Authority (FCA) of the UK is clamping down on Bitcoin ATMs, deeming them unregulated and mandating that they be closed shortly.
Bitcoin ATMs Must Be Registered and Submit to Anti-Money Laundering Rules.
The British Financial Conduct Authority recently released an official statement requiring all cryptocurrency organizations–including Bitcoin ATMs–to be registered and comply with anti-money laundering policies. This is a direct message from the FCA, Britain’s financial enforcer.
Consequently, all Bitcoin ATMs active in the United Kingdom are breaking the law and should be closed down immediately. Mark Steward, Executive Director at FCA, confirmed: “Unregistered Bitcoin ATMs operating in the UK are illicitly working without registration.”
He further stated that the UK regulator has only just started to take a stance against crypto ATMs in their nation. It was made clear that investments in cryptocurrency are currently not regulated and can be quite risky, urging potential investors to remember that they may lose all of their funds.
Some Cities Have Even Shutting Down that ATMs
The FCA and the West Yorkshire Police cybersecurity squad have already reportedly taken action against several sites in Leeds and its nearby areas for hosting illegal Bitcoin ATMs. Searching for these machines would be a piece of cake, as their quantity is limited – Coin ATM Radar states that only 28 Bitcoin ATMs are scattered around London, Manchester, and Nottingham within the UK.
Recently, the world has seen a flurry of regulations related to cryptocurrency. The UK announced stricter laws, and the European Union promised even more stringent rules; this reinforces that policymakers are taking an uncompromising stance concerning digital currencies. This is causing concern among users who have been accustomed to their flexibility up until now.
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