U.K. Financial Regulator Moves To Shut Down Crypto ATMs

U.K. Financial Regulator Moves To Shut Down Crypto ATMs

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The United Kingdom’s Financial Conduct Authority (FCA) says all currently operating crypto ATMs in the country are to be shut down immediately.

The FCA notes in a new warning on Thursday that no crypto asset firms in the UK have been approved to offer crypto ATM services.

Digital asset ATMs need to be registered and comply with the country’s anti-money laundering regulations, as the regulator explains:

“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 [money laundering regulations]. The judge concluded that there was a ‘lack of evidence as to how Gidiplus would undertake its business in a broadly compliant fashion.’

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.”

The FCA also issued a joint statement on Thursday with the Bank of England and the Office of Financial Sanctions Implementation (OFSI) instructing crypto asset firms to comply with the UK’s sanctions against Russia.

“The UK, in partnership with our allies across the globe, has imposed an unprecedented package of economic sanctions on Russia and Belarus, in response to Russia’s invasion of Ukraine on 24 February.

The UK financial regulatory authorities reiterate that all UK financial services firms, including the crypto asset sector, are expected to play their part in ensuring that sanctions are complied with.

We are working closely with partners in government and law enforcement both here and abroad, including regulatory authorities, to share intelligence and act to prevent sanctions evasion, including through crypto assets. We also remain ready to act in the event of sanctions breaches.”

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Featured Image: Shutterstock/Oliver Denker/Sensvector

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