UK Crypto ATM Operators Ordered to Shut Down by FCA
FCA Inspects 34 ATMs, Finds All Operating Illegally
The Financial Conduct Authority (FCA) has warned operators of crypto ATMs in the UK to shut down their machines or face enforcement action. Since the start of 2023, the FCA has visited and inspected 34 crypto ATM operators in the UK and has found that all of them are operating illegally.
Illegal Crypto ATM Operations
The FCA has found that none of the more than 40 registered crypto companies in the UK are licensed to offer ATM services. This means that all of the crypto ATMs in the UK are operating without the necessary authorization.
The FCA has given crypto ATM operators until April 30, 2023, to shut down their machines. If they do not comply, the FCA will take enforcement action, which could include fines or criminal charges.
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