The UK’s Financial Conduct Authority (FCA) has declared all crypto ATMs in the country must be shut down.
Crypto ATMs offering cryptoasset exchange services in the UK must be registered with the regulator and comply with UK Money Laundering Regulations (MLR).
According to a report from FinTech Futures, The FCA said, “None of the cryptoasset 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.
“We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action.”
The FCA also warned consumers about the risk of cryptoassets. It added, “Cryptoassets are unregulated and high-risk which means people are very unlikely to have any protection if things go wrong, so people should be prepared to lose all their money if they choose to invest in them.”
Copyright © 2022 FinTech Global