FCA orders termination of all UK crypto ATMs
By MYBRANDBOOK
The UK's Financial Authority says that any cryptocurrency ATMs operating in the UK must be shut down. Operators will be contacted by the FCA and told to shut their machines down or face further action.
In a statement, the FCA said that crypto ATMs must be registered and comply with UK money laundering regulations but, none of the crypto firms registered with the watchdog have been given the go-ahead to offer ATM services, meaning that they are operating illegally.
There are fewer than 100 crypto ATMs in the UK. Earlier this month, the regulator revealed that it opened over 300 cases related to crypto firms in a six-month period last year and has 50 live investigations, including criminal probes, into companies in the sector.
The FCA made reference to Gidiplus, a firm providing crypto ATM services, which had its registration application rejected by the financial watchdog. The firm took its case to court in order to continue its services pending its appeal. The case was dismissed as the judge determined there was a “lack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion.”
As of March 7, 106 firms have applied for registration with the FCA to offer crypto services of which 27 are now fully registered with 56 refused or having withdrawn their application. The remaining 23 form the FCA's Temporary Registration Regime (TRR), which allows them to continue to operate while their applications remain under assessment. The deadline for their application approval is March 31.
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