The FCA to ban almost 200 operational Crypto ATMs in the UK - Why?

FCA ban crypto atm

The British Financial Conduct Authority (FCA) is finally making its biggest move against the operational Crypto ATMs in the country. All the ATMs are to be shut down with an immediate effect under UK Money Laundering Regulations Law (MLRs). On Friday, March 11, the financial authorities published a notice for all the crypto-cash points mentioning them to be illegally operational.

Such ATMs allow users to withdraw cash for bitcoin, especially for people who have a little amount of fiat currency. According to FCA, none of the ATM providers are licensed and have hardly passed the security checks. Due to serious issues with financial security, the authorities are concerned about the probable use of cashpoints for money laundering purposes.

Crypto ATMs offering crypto asset exchange services in the UK must be registered with us and comply with UK Money Laundering Regulations (MLR). 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.

British Financial Conduct Authority (FCA)

The FCA has successfully shut down 110 operational crypto ATMs while 81 are still in working condition. While the financial regulators have requested the consumers not to use such services, prospects of enforcement will be raised against the providers.

Recently, the FCA revealed about 300 open cases related to cybercrimes and crypto firms. In the past six months, countless illicit activities have been reported and 50 live investigations are on. Besides, many crypto exchange services and companies are on the radar under FCA for investigation.

Also, read - Why President Biden should sign Executive Crypto Order soon?

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