Illegally Operated Crypto Cash Machines Shut Down in the UK

Earlier, the UK Financial Conduct Authority (FCA) warned crypto firms to operate cryptocurrency cash machines (ATMs) in the UK without registrations and permissions. FCA in their announcement had stated that no crypto firms were granted permissions to function, thereby making it illegal. In the FCA statement published on Friday, it was stated that every crypto-asset exchange service should be registered with FCA and comply with all the terms and regulations of UK Money Laundering Regulations (MLR). In accordance with the data shared by the FCA, there are 81 crypto ATMs in Britain to date that are usually located inside supermarkets and convenience stores. These ATMs accept cash in return for cryptocurrency which is transferred to the users’ digital wallets. A Bitcoin ATM operator, Gidiplus made efforts to overturn FCA’s prohibition, however, the regulator argued about the weak identity checks, money laundering, and other illegal businesses. The post Illegally Operated Crypto Cash Machines Shut Down in the UK appeared first on Cryptoknowmics-Crypto News and Media Platform.