Cryptocurrency ATMs that are currently still operating in the UK are doing so illegally. The FCA warns operators that continuing operations will be counted as illegal activity and all operators must shut down immediately.
ATM service providers need to be registered with the FCA and need to comply anti money laundering regulations.
None of the 27 fully registered crypto firms have been approved to offer ATM services. Data by Coin ATM Radar reports that there are 81 bitcoin ATMs/tellers in the U.K.
Gidiplus, a firm providing crypto ATM services, were rejected by the finanicial watchdog to provide such services. They took the case to court which was thereafter dismissed as the judge determined there was a “lack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion.”
As of March 7, there were 106 firms that applied for a crypto registration to offer crypto services with the FCA. Of those, 56 were refused or having withdrawn their application while only 27 are now fully registered. The remaining 23 form part of the FCA’s Temporary Registration Regime (TRR), while their application is under assessment.
Photo by Heidi Fin
