Any cryptocurrency ATMs functioning in the United Kingdom are operating illegally, according to the financial watchdog.
The Financial Conduct Authority (FCA) of the United Kingdom has issued a warning that any cryptocurrency ATMs functioning in the nation are unlawful and must be taken down. To provide ATM services and comply with anti-money laundering requirements, operators must register with the FCA, the FCA said in a statement on Friday.
Due to the fact that none of the 27 fully authorised crypto businesses has been permitted to provide ATM services, any crypto ATMs functioning in the United Kingdom are unlawful. According to Coin ATM Radar, the United Kingdom currently has 81 bitcoin ATMs/tellers.
The FCA cited Gidiplus, a provider of cryptocurrency ATM services, whose registration application was denied by the financial authority.
The company filed an appeal in order to maintain its services awaiting the outcome of the appeal. The court rejected the lawsuit due to a “lack of evidence on how Gidiplus will conduct its business in a generally compliant manner.”
As of March 7, 106 businesses have applied to the FCA for registration to provide crypto services. 27 of them have been properly registered, while 56 have been denied or have withdrawn their application.
The remaining 23 are registered under the FCA’s Temporary Registration Regime (TRR), which permits them to continue operating while their applications are being assessed. Their application must be approved by March 31.
