Today, U.K.’s Financial Conduct Authority (FCA) has warned that any crypto ATMs operating in the country are illegal and must be shut down.
On Friday, the FCA said in a statement that operators must be registered with the FCA to offer ATM services and abide by money laundering regulations.
The official statement referred to Gidiplus, a firm providing crypto ATM services, which saw its registration application get rejected by the financial authority.
It is worth mentioning that even 27 fully registered crypto firms have not been approved to offer ATM services, thus implying that any crypto ATMs in the U.K. are actually operating illegally.
The data by Coin ATM Radar reveals that there are 81 bitcoin ATMs/tellers in the U.K.
The statement also informed that since the authority published the list of unregistered crypto firms that may have been continuing to conduct business, a recent report found that 110 are no longer operational.
In conclusion, FCA warned consumers that crypto assets are unregulated and high-risk and so people should be prepared to face losses if they choose to invest in them.
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