FCA shuts down 26 crypto ATMs in the UK, cites illegal operations

July 11, 2023 07:27 PM AEST | By Invezz

FCA shuts down 26 crypto ATMs in the UK, cites illegal operations — Image source: Invezz

UK has yet to approve ATM services

While the United Kingdom has over 40 authorized cryptocurrency firms, it is yet to license any to conduct ATM services. Thus, all ATMs serving crypto users operate illegally (FCA warned).

All cryptocurrency ATMs and exchanges should adhere to UK’s money laundering rules and secure an FCA license. An 8 July report from Clive Police Department shows how fraudsters impersonated police and scammed an unsuspecting user $6000, taking advantage of a Bitcoin ATM.

The post FCA shuts down 26 crypto ATMs in the UK, cites illegal operations appeared first on Invezz.

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