Crypto ATM
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UK Regulator Orders Crypto ATM Providers to Stop Operating

CryptocurrencyNewsPolicy
··1 min read

The Financial Conduct Authority (FCA) has warned companies operating cryptocurrency ATMs in the UK to shut down or face enforcement action.

The FCA published a warning on their website on Friday, March 11th, stating that:

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

The FCA’s warning follows a recent ruling by the Upper Tribunal against crypto ATM provider Gidiplus. The Upper Tribunal denied Gidiplus’ request to be allowed to continue trading, pending an appeal to a decision of the FCA in November 2021 refusing its application to operate as a crypto-asset provider (under the UK Anti-Money Laundering Regulations).

The FCA said that they are concerned about the operation of crypto ATMs in the UK and that they will contact the providers to shut the ATMs or face enforcement action.

The UK is not the only country to restrict the use of crypto ATMs.

In January, the Monetary Authority of Singapore also ordered all Bitcoin ATMs to cease operations. The MAS determined that crypto ATMs were in violation of Singapore’s crypto advertising rules, which prohibit cryptocurrency service providers to market their services directly to the public.

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