UK crypto ATM operators are being ordered to shut down by the UK’s Financial Conduct Authority (FCA).
The FCA added that cryptocurrency ATMs that offer crypto exchange services must be registered with the FCA, and also must comply with the UK’s Money Laundering Regulations.
“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,” the FCA said.
A total of 81 cryptocurrency ATMs currently exist in the UK. More than 50 of these machines are located in London. On a global scale, the UK just makes it into the top 10 countries in the world by cryptocurrency ATM count.
It's not the first time the FCA warns about the crypto market. In January last year, the FCA issued a list of five concerns consumers should be aware of when dealing with cryptocurrencies, which related to consumer protection, price volatility, and misleading marketing material.