UK Financial Regulator Shuts Down Crypto ATMs

The UK’s Financial Conduct Authority said that all currently operating crypto ATMs have to be shut down in the country immediately.

Check out the latest reports coming from the country below.

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

It’s also important to note the fact that digital asset ATMs have to be registered and comply with the country’s anti-money laundering regulations. The regulator explains the following:

“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.”

The same regulator continued and said this:

“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). The entities were 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 notes continued and said:

“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.”

The geopolitical tensions continue, and they are influencing the crypto markets are well.