No respite for Bitcoin ATMs – There Finance Conduct Authority decided to go after crypto distributors on the soil of Her Majesty’s subjects. After operations in the north of England, she continues her quest in London. Its objective is neither more nor less than the withdrawal of all machines. After wordsmake way for action.
All Bitcoin ATMs in the UK are illegal
There Financial Conduct Authority (FCA), a regulator of the British financial sector, independent of the government, has decided to attack the Illegal Bitcoin ATMs. According to her, the conclusion is simple: any entity that wants to offer distributors of cryptocurrency withdrawals to a fiat currency in the United Kingdom must declare itself to it. The problem is that currently, it has not issued any approval for the installation of this type of machine. Simple as pie then: all Bitcoin ATMs installed in England are illegal.
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Several dismantling operations in progress
The regulator, in cooperation with the police, is therefore continuing its search for distributors by inspecting “several sites in east London suspected of illegally hosting the operation of crypto ATMs”. One of its members spoke in more detail on the subject after an investigation.
“Cryptocurrency ATMs operating without FCA registration are illegal and, as we say again today, we will take action to end them. This operation, alongside last month’s action in Leeds, sends a clear message that we will continue to identify and disrupt unregistered crypto businesses in the UK. Crypto financial products are currently unregulated and high risk. You should be ready to lose all your money if you invest in these products. »
Mark Steward, executive director of the FCA’s enforcement and market surveillance department, in a statement.
We are starting to get used to lapidary statements from the authorities regarding cryptocurrencies. Despite the scathing tone of the FCA which could make people think that Bitcoin ATMs are a scourge across the Channel, we are only talking about 18 machines in all the countries. The question that will really arise after their dismantling will be whether the FCA is ready to grant operating licenses for these distributors, or if it simply wishes to eliminate them from the Kingdom, at a time when banks are asking questions about the profitability of maintaining ATMs.
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