FCA Orders Operators to Shut down Their Crypto ATMs in the UK

The U.K.'s Financial Conduct Authority (FCA) has ordered operators of crypto ATMs in the UK to shut their machines down, or they will face enforcement action, the watchdog warned. 

According to the regulator, crypto ATMs offering cryptoasset exchange services in the UK must be registered with the FCA and comply with UK Money Laundering Regulations (MLR). None of the cryptoasset firms registered with the regulator 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 Upper Tribunal recently ruled against Gidiplus, a firm offering crypto ATM services, which wanted to continue trading, pending the Upper Tribunal’s determination of its appeal against us refusing its application for registration under the MLRs. The judge concluded that there was a 'lack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion'," added the FCA in its warning.

"We are concerned about crypto ATM machines operating in the UK and will therefore be contacting the operators instructing that the machines be shut down or face further action."

Since the FCA published the list of unregistered crypto firms that may have been continuing to conduct business, a recent assessment found that 110 are no longer operational.